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Pay By Touch today announced a $25 million soft closing in its ongoing second investment round, bringing total invested capital in the biometric authentication and payment solutions company to $37 million. The Series B financing, led by Mobius Venture Capital, also includes the Gordon P. Getty Family Trust and private investors
Pay By Touch is the pioneer of end-to-end biometric authentication and payment processing services, and boasts patented front-end biometric payment system. The funding will be used to expand the sales and marketing reach of Pay By Touch, as well as to support the company's product development activity.
"Our ongoing investment in Pay By Touch supports the continued development not only of the company's signature biometric payment solution, but also of the strategic growth of Pay By Touch as an end-to-end payment processing offering," said Gary Rieschel, executive managing director of Mobius Venture Capital. "Given the strength of the management team and the company's innovative, patented product, we expect Pay By Touch to solidify and extend its leadership position in this market."
"Pay By Touch has rapidly surpassed noteworthy competition in terms of product sophistication, strategic payment solutions and corporate credibility and awareness," said Thomas Woodhouse, Trust Administrator for the Gordon P. Getty Family Trust. "As a new investor, the opportunity to participate in Pay By Touch's market infiltration was extremely attractive, and we fully expect that Pay By Touch will shortly become the industry-leading market force."
"This infusion of capital comes at a strategic point for Pay By Touch, as we have established significant presence in the payment processing arena, and are poised to aggressively roll out new national customers," said Craig Ramsey, Pay By Touch CEO. "As biometrics gain credence among merchants and consumers as a valuable and secure payment method, we are well-positioned to capitalize on anticipated world-wide market growth."
Pay By Touch recently announced it has completed the $30M acquisition of IPS Solutions (iPAY), a merchant processing platform with approximately 18,000 customers. iPAY is an industry-leading XML gateway-processing platform. The acquisition was effective in March with Pay By Touch maintaining IPS as a wholly owned and separately operated subsidiary. The IPS acquisition reflects Pay By Touch's ongoing evolution from a single payment solution to a provider of end-to-end biometric authentication and payment processing services.