Global payment processor Radpay has scored $1.2m in a seed round which puts the business valuation to $10.2m.
This investment, which was 20% oversubscribed, received contributions from venture firms Resiliency Ventures and BlackLaunch. It was also backed by unnamed investors from Silicon Valley, Nebraska and Arizona.
Proceeds from the round are allotted to driving the next growth phase of the business which will include the first commercialization of its technology. Radpay is also positioning itself for the expansion of its marketing efforts to e-commerce and retail merchants and the development of its blockchain, payment and digital wallet technology.
The Ethereum blockchain-based FinTech platform offers peer-to-peer payment processing and reward framework. Peers can be merchants, consumers, banks or enterprises. Radpay claims it can improve the net margin by up to 200%.
Radpay co-founder and CEO Dana Love said, “Our company was built on the premise that accepting charge cards need not cripple merchants with high fees and that using charge cards need not saddle consumers with crippling debt.
“Since our founding in 2018, we have led the pack in innovating on behalf of e-commerce merchants. This additional capital along with our extensive industry and customer partnerships sets us on a course that will bring transparency, innovation, and value to the stagnant payment processing industry.”
Copyright © 2019 FinTech Global