Contactless payment app Paerpay snaps up seed funding

Contactless payment solution for restaurants Paerpay has scored $3m in its seed funding round, which was led by MassMututal.

Other commitments came from Elevate Capital, MassVentures, Techstars, The Fund, Gaingels and Chingona Ventures.

The capital injection will help Paerpay hire more engineers, sales and marketing staff. Funds will also help it scale operations over the course of the year.

The FinTech company, which was founded by Derek Canton, was originally designed to be an in-person dining payment app to help diners pay for meals quickly. It now offers restaurants a contactless payment option that does not require them to change their hardware or credit card processor. They don’t even need to download an app.

Paerpay is currently hosting a pilot project with a large 500+ location fast food chain, with the aims to reduce drive-through wait times. Guests order at the speaker, scan a QR code to see their order details and then pay through their phone.

Paerpay Founder and CEO Derek Canton said, “Following the pandemic, there is a strong need for Paerpay’s contactless payment system in the marketplace, and now we’re positioned to take a big step in rapidly growing our business.

“I’m excited to expand our team and help improve the payment experience across the restaurant industry with a contactless payment option for guests and employees.”

With the close of the round, the company has raised a total of $4.2m in funding.

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