Wearable payments startup Fit Pay secures $3.1 million in seed funding

Wearable payments startup Fit Pay secures $3.1 million in seed funding

Fit Pay, a wearable payments startup founder by former Visa and CyberSource executives, has raised $3.1 million in a seed funding round led by Germany's Giesecke & Devrient.

The San Francisco-based startup, founded by former Jumio and CyberSource exec Michael Orlando and one-time Visa chief technical architect Scott Stevelinck, has developed a service that allows wearable device manufacturers to seamlessly add contactless payment capabilities to their products. The firm's Trusted Payment Manager platform uses Near Field Communication (NFC) technology, combined with card network tokenisation to interact with point-of-sale terminals at retail locations

Scott Marquardt, president, Giesecke & Devrient America, Inc. says: “The Fit Pay platform, in combination with G&D’s capabilities in embedded secure operating systems, applications and credentials lifecycle management, brings a complete end-to-end portfolio to Fit Pay’s prospective wearable device partners.”

Fit Pay completed San Francisco-based Plug and Play Tech Center’s FinTech Accelerator Program last autumn. Plug and Play participated in this seed-funding round as well. In December, the company was selected from among hundreds of participants as the winner of the Comerica Bank and RocketSpace $50,000 Wearable FinTech Startup Challenge.

Fit Pay says it will launch a Kickstarter crowdfunding campaign next week to support the commercialisation of a payment smartstrap the company has developed for the Pebble Time family of smartwatches. The new payment smartstrap, called Pagaré, enables Pebble Time users to make secure, contactless payments at millions of retail locations.

Comments: (1)

A Finextra member
A Finextra member 05 February, 2016, 12:46Be the first to give this comment the thumbs up 0 likes

There is something missing there (although I am sure ex-Visa guys are aware of it and have a plan): the SERVICE...

Just because I am "capable of" becoming the next president of some country doesn't mean I can. Likewise, "if I cannot load my cards onto a wearable as easily as I can do with AppleWatch, it's just a useless piece of junk" (those are the words from my brief to our engineering and product development team).

 

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