PayRange offers an end-to-end hardware and software platform that enables secure electronic payments and real-time visibility into often disparate, unconnected unattended retail machines. Its patented, easy-to-use technology aims to drive improved sales, reduced costs, better operational analytics, and a seamless commerce experience for operators and consumers. The company reports its products are used by over 10,000 customers. Founder and CEO Paresh Patel will continue to lead the company and retain a significant ownership position following the transaction. PayRange plans to accelerate innovation and broader deployment of its technology to connect millions of machines, and Ridgeview’s capital, operational, and strategic support is intended to help drive that growth. PayRange secured $70 million in funding to digitize unattended retail machines. The company’s core product is a patented, dongle-like device that installs inside vending, laundry, and other unattended machines and leverages consumers’ smartphones via Bluetooth to process payments and enable loyalty features. The solution is also available as an OEM component in new machines, and PayRange offers a Hardware-as-a-Service (HaaS) model to remove upfront costs for operators. PayRange launched a 2020 Consumer Choice Program to expand payment options and consumer engagement features, and reports signing up about ten thousand machines a week in its initial rollout. The company was launched in 2015 by founder Paresh Patel, is backed by Matrix Partners, Nyca Partners, GV and other payments‑industry investors, and has offices in Portland, Oregon and San Jose, California. Operating metrics in the article include over 3 million users and a network of machines across roughly 350 US and Canadian cities and towns; the company expects demand will outstrip its initial one-million device supply. PayRange builds a small BLE device that plugs into the back of vending machines and a customer‑side mobile app (available in the Apple App and Google Play stores) to enable machines to accept credit cards, Apple Pay and other digital payments. Customers launch the app, select a payment instrument and choose a nearby machine, which then shows balance and allows purchase. In six months since shipping its first devices, PayRange has sold to more than 680 operators who manage one million machines across all 50 states and Canada. The company is led by founder and CEO Paresh Patel and is headquartered in San Jose, CA. PayRange’s solution is positioned to retrofit existing machines to accept modern payment methods without replacing hardware. The article does not disclose revenue or profitability metrics. PayRange builds a $49 plug-in dongle and companion smartphone app that let operators add mobile payment acceptance to existing vending machines. Users download the PayRange app, load money onto a balance, and the app syncs when they are within a few feet to complete purchases. The company plans to begin shipping its product to customers later this summer. PayRange was founded by Paresh Patel, who previously founded VendScreen and left that company in April of last year after a dispute with investors. The startup has raised a $2.6 million funding round. An SEC filing lists former Google Payments head and Google Wallet vice president Osama Bedier as a director; the company would not comment on the funding.

Total raised

$85M

Funding rounds

5

Latest round

Equity

Latest activity

Feb 2020