Radpay, a blockchain-based global payment firm in Arizona, has raised $1.2M in series seed round funding. Investors include investment firms Resiliency Ventures and BlackLaunch. Investors from Silicon Valley, Nebraska, and Arizona also took part in the funding round. This round had a post-money valuation of $1.2M.
Radpay’s Co-founder and CEO, Dana Love, said,
“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.”
The funding will be used for developing its technology further for commercial use, foraying into e-commerce and retail merchants sectors, and in creating innovative products in blockchain and digital wallets.
Radpay’s President, Co-founder and CTO Jared Stauffer, said,
“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 innovation to the payment industry.”
Radpay’s patent-pending merchant card payment solution can help merchants improve net margins by as much as 200%. Radpay also has more than five dozen inventions that blend Ethereum Plasma blockchain with PCI-compliant card payment infrastructure and mobile devices.
Radpay allows both card present and card not present modes. It allows retail merchants, mobile merchants, e-commerce merchants, call centers, and app developers to access Radpay’s rewards system.
Thus, Radpay brings blockchain technology to payment systems to create a P2P network for merchants, consumers, banks, and enterprises.