Fit Pay, Inc. has closed USD3.1m in seed funding led by Giesecke & Devrient (G&D), the company said.
Fit Pay has developed a payment enablement platform that allows wearable device manufacturers to seamlessly add contactless payment capabilities to their products.
Fit Pay´s payment platform uses Near Field Communication (NFC) technology, combined with card network tokenization to interact with point-of-sale terminals at retail locations. NFC, in place at an estimated nine million retail locations worldwide, is becoming a ubiquitous POS payment acceptance technology.
Fit Pay´s Trusted Payment Managerâ¢ platform allows contactless payment capabilities on a wide range of wearable devices. Fit Pay´s future applications may include transit, secure authentication, and other secure identification use cases.
Fit Pay completed San Francisco-based Plug and Play Tech Center´s FinTech Accelerator Program last fall. Plug and Play participated in this seed-funding round as well. In December, Fit Pay was selected from among hundreds of participants as the winner of the Comerica Bank and RocketSpace USD50,000 Wearable FinTech Startup Challenge.
Based in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and Visa, Inc. executives with more than 20 years of payment platform and identity authentication domain expertise.