PayRange, a San Jose, CA-based maker of tools to enable machines to accept card and digital payments, received $12m in Series A funding.
The round was led by Matrix Partners. In addition, Matrix General Partner, Jared Fliesler, a former Square executive, will join PayRange’s board of directors.
Led by founder and CEO Paresh Patel, PayRange enables vending machines to accept any form of payment, from credit card to Apple Pay, so that consumers have the freedom to purchase what they want, when they want. PayRange uses a small device which plugs into the back of the machine and a customer-side mobile app to enable any vending machine to accept all forms of payment in less than 30 seconds. The PayRange device leverages BLE (Bluetooth Low Energy), which enables customers to connect directly to it through the PayRange app (available in the Apple App and Google Play stores).
Customers launch the app, select a payment instrument, and choose a nearby machine. The selected machine will instantly show their balance, and customers can make their purchases.
In six months since shipping its first devices, the company has sold to more than 680 operators who manage one million machines across all 50 states and Canada.
PayRange is also backed by seed investor Nyca Partners, Google Ventures, and individual investors.