Radpay, a decentralized global payment processing company, announced today that it had raised $1.2 million in its series seed equity financing round. The round reflected a 20% oversubscription and gave the Phoenix-based startup a $10.2 million post-money valuation. Participants included Phoenix-based investment firms Resiliency Ventures and BlockLaunch as well as investors from Silicon Valley, Nebraska, and Arizona.
Radpay was founded in July 2018 and seeks to create a merchant payment solution by combining distributed ledger technology with PCI-compliant card payment infrastructure and mobile devices. The company works with retail merchants, eCommerce merchants, mobile merchants, call centers, and app develops, using its patent-pending card payment solution to help its clients improve their net margins.
“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 Dana Love, Radpay’s co-founder and CEO.
“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,” he added.
The $1.2million round represents Radpay’s first-ever outside funding and is expected to help the company achieve goals for its first clients as it begins testing its service in January 2020. “This funding gives us the runway to deliver new innovation to the payment industry,” said Radpay’s co-founder and CTO Jared Stauffer.