Fit Pay, Inc., a San Francisco, California-based payment enablement platform that allows wearable device manufacturers to add payment capabilities to their products, closed $3.1M in seed funding.
The round was led by Giesecke & Devrient (G&D), a supplier of mobile security products, software and solutions to banks, mobile network operators, and OEMs, with participation from Plug and Play Tech Center.
Led by Michael Orlando, co-founder and chief executive officer, Fit Pay provides a payment platform that uses Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. The company0s Trusted Payment Manager™ platform allows contactless payment capabilities on a wide range of wearable devices with future applications including transit, secure authentication, and other secure identification use cases.
Fit Pay, which completed San Francisco-based Plug and Play Tech Center’s FinTech Accelerator Program last fall, was also selected as the winner of the Comerica Bank and RocketSpace $50k Wearable FinTech Startup Challenge.
The company will launch a Kickstarter crowdfunding campaign on February 8, 2016 to support the commercialization of a payment smartstrap it has developed for the Pebble Time family of smartwatches. The new payment smartstrap, called Pagaré™, enables Pebble Time users to make secure, contactless payments at millions of retail locations.