Payments

Contactless payment solution Paerpay secures $4.2M in funding

Image courtesy of Paerpay.

March 9, 2022

Paerpay, a contactless payment solution for restaurants that is active in the self-serve kiosk space, has closed $3 million in seed funding led by MassMutual through the MM Catalyst Fund, joined by Elevate Capital, MassVentures, Techstars, The Fund, Gaingels and Chingona Ventures. This funding round brings the company's total funding to just over $4.2 million, according to a press release.

Paerpay offers restaurants a contactless payment option that does not require changing hardware or credit card processor. Restaurant customers don't need to download an app. Leveraging its QR code and text message-driven payment system, restaurants can promote social distancing while increasing payment security and improving efficiency.

Paerpay is working with Acrelec, a global technology company providing kiosks for restaurant and retail brands such as McDonald's, Yum Brands, Starbucks and Walmart.