Altpay, a Hollywood, Fla.-based mobile payment startup, raised $1m in equity funding.
Two family offices made the investment.
Led by Victor Cook, managing partner, Altpay provides retailers with secure mobile payment solutions and tools to connect with customers, understand their needs demographically and offer loyalty programs.
The company’s business model is based on a mobile payment software application integrated with the merchant’s point of sale and back office that uses a patent-pending one-time-use token tied to location and time. The technology, which replaces cash tender at the point of sale, does not require merchants to make hardware upgrades and works with Android, Apple and Windows mobile smartphones.
Up and running since March in the South Florida area, the company aims to market its service in the United States to regional and mid-market retailers, including supermarkets, grocers, pharmacies and convenience stores.
They will launch in Latin America in the first quarter of 2015.
FinSMEs
02/12/2014