Pay Theory, a Cincinnati, OH-based payment platform provider, raised $2M in Seed funding.
The round was led by Zeal Capital Partners with participation from SixThirty, Ohio Impact Fund, Gaingels, and Sica Ventures, Double Eagle Venture Partners, and LOUD Capital.
The company intends to use the funds for product development and talent acquisition for roles in sales, finance, and software development.
Led by Brad Hoeweler, CEO, and Eric Fulkert, President and CTO Pay Theory creates a financial services infrastructure which integrates with SaaS vendors for families to must-pay service providers, like K12 schools, childcare providers, healthcare services, and kids sports and activity organizations.
The company gives families the option to pay for an online purchase transaction in physical cash using a network of nearly 60,000 retailers nationwide – and growing – including Dollar General, CVS, 7-Eleven, Walgreens, and Walmart. A bill or fee of any sort can be issued to a family who chooses to pay in cash through one Pay Theory’s partners. Once the family chooses cash, they are issued a barcode, either virtually on a smartphone or through email, that can then be scanned by a cashier at a retailer and paid for in cash. This allows service providers to be virtually cash-free while offering a financially inclusive payment option to parents.