Blockchain-based payment processor Radpay raises $1.2 million in series seed round

Radpay, a decentralized global payment processing company, announced today that it had raised an oversubscribed $1.2 million seed round at a $10.2 million valuation, backed by Resiliency Ventures, BlackLaunch, as well as investors from Nebraska and Arizona. 

Founded in July 2018, Radpay seeks to create a merchant payment solution by combining distributed ledger technology with PCI-compliant card payment infrastructure and mobile devices. With its patent-pending solution, merchants, banks, and enterprises can have their customers pay any way they want—in their native currencies, in cryptocurrency, or with a digital wallet. Customers can make payments online, in-store, or over the phone. According to the statement, Radpay will help its clients improve their net margins by as much as 200%.

“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.

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“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 $1.2 million round will help Radpay expand its marketing effort and commercialize its technology, as it begins testing its service in January 2020.

“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 new innovation to the payment industry,” said Radpay’s co-founder and CTO Jared Stauffer.