Blockchain Pioneer Radpay Completes $1.2 Million in Series Seed Equity Financing Round
PHOENIX--(BUSINESS WIRE)--Nov 18, 2019--
Radpay, an Arizona-based decentralized global payment processing company reimagining payments and rewards, today announced the completion of a $1.2 million series seed round reflecting a 20% oversubscription. The round included participation from established Silicon Valley investors, Phoenix-based investment firms Resiliency Ventures and BlackLaunch, as well as investors from Nebraska and Arizona. The round carried a $10.2 million post-money valuation and represents the first outside funding since the company’s founding in July 2018.
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Radpay’s Digital Wallet Now Includes Patent-Pending Fraud Resistance (Graphic: Business Wire)
“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,” said Radpay’s co-founder and CEO, Dana Love, PhD. “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.”
Proceeds from the capital raised will be used to drive the next stage of the company’s growth, which will include first commercialization of the company’s technology, expansion of Radpay’s marketing to e-commerce and retail merchants, and further development of Radpay’s portfolio of novel inventions in blockchain, payments, and digital wallets.
Radpay’s co-founder and CTO Jared Stauffer commented that “realizing immediate, tangible value is Radpay’s goal for our first customers, who begin testing our service in January. This funding gives us the runway to deliver new innovation to the payment industry.”
Depending on a merchant’s type of business, Radpay can improve net margin by as much as 200% using our patent-pending merchant card payment solution. Radpay has more than five dozen inventions which blend blockchain (Ethereum Plasma) with PCI-compliant card payment infrastructure and mobile devices to merge convenience, security, and transparency. Radpay works in both card present and card not present environments, which means retail merchants, ecommerce merchants, mobile merchants, call centers, and app developers can all access and benefit from Radpay’s rewards system, transactional engine, and value.
Radpay is a Phoenix-based startup changing the $32 trillion global card payment processing industry. Radpay does this with a patent-pending merchant card payment solution: more than five dozen inventions that blend distributed ledger technology with PCI-compliant card payment infrastructure and mobile devices to merge convenience, security, and transparency. Based on Ethereum, Radpay is a blockchain-based peer-to-peer payment processing and reward framework, where peers may be merchants, consumers, banks, or enterprises. Learn more at https://www.radpay.com.
Radpay, SpeedPath, CryptoClick, and the stylized Radpay logo are trademarks or registered trademarks of Radpay, Inc. All other names contained herein may be trademarks of their respective owners. Use of these names, trademarks, and brands does not imply endorsement.
Radpay is providing this press release for informational purposes only. This is neither an offer to sell nor a solicitation for an offer to buy securities in Radpay. Securities in Radpay have not been recommended, approved, or disapproved by the U.S. Securities and Exchange Commission (SEC) or by the securities regulatory authority of any state or of any other U.S. or non-U.S. jurisdiction, including but not limited to Canada, nor has the SEC or any such securities regulatory authority passed upon the accuracy or adequacy of this document. Investment in any security involves substantial risk. Radpay is under no obligation to update any of the information set forth herein. This press release includes forward-looking statements that represent Radpay’s opinions, expectations, beliefs, intentions, estimates, or strategies regarding the future, which may not be realized. Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to (i) the use of proceeds from the Series Seed equity financing, (ii) the anticipated growth of the company, (iii) the commercialization of the company’s technology, (iv) the expansion of the company’s marketing to e-commerce and retail merchants, (v) the expected development of the company’s portfolio of inventions in blockchain, payments, and digital wallets, and (vi) the company’s potential impact on merchants and the payment processing industry. These statements may be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan”, “can,” “will,” “should,” “seek,” and similar expressions. These forward-looking statements reflect Radpay’s views and assumptions with respect to future events and are, by their nature, subject to risks and uncertainties. Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond Radpay’s ability to control or predict. Given these uncertainties, reliance should not be placed on forward-looking statements. Radpay does not guarantee that the events described in this press release will happen as described.
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