The round, which brings ttotal funding to over $4.2m, was led by MassMutual through the MM Catalyst Fund (MMCF). They were also joined by Elevate Capital, MassVentures, Techstars, The Fund, Gaingels, and Chingona Ventures.
The company intends to use the funds to build out its team to hire engineers, sales, and marketing staff.
Founded by CEO Derek Canton, Paerpay offers restaurants a contactless payment option that does not require changing their 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 currently doing a pilot project with a large, 500+ location fast food chain to shorten their drive-through wait times, while improving the overall guest experience. Using Paerpay, guests order at the speaker and then scan a QR code to see their order details and pay on their phone. No need to swipe or tap a card at the first window. Guests can simply collect their food and be on their way. The company is also working with partners like Acrelec, a global technology company providing kiosks for top restaurant and retail brands such as McDonald’s, Yum! Brands, Starbucks, and Wal-Mart.