The founders include Thomas Eide (CEO), Rob Kirchner (COO), James Rhodes (CTO), Hugo Camacho (Executive Director of Finance) and Ryan Ricigliano (Executive Director of User Experience). The network, which includes Android and iOS smartphone applications, will be launching to the public later this year. With PaidThx, users will no longer have to carry around cash or a checkbook -- just their smartphone.

PaidThx is the first social payment network, and allows its users to transfer money with friends, family, and their favorite organizations quickly and easily. The new technology works similarly to online banking tools that are in the market today with one major difference: PaidThx users can send and receive money with all of their contacts, no matter where they bank. The network can be accessed from a smartphone, computer, or popular social media sites. Not only is PaidThx great for making everyday payments, but it can also be used for donations to charities and non-profit organizations.