Paerpay raises $3M seed round to grow their contactless payment platform

Paerpay, a contactless payment solution for restaurants, announced that it has closed $3 million in seed funding led by MassMutual through the MM Catalyst Fund (MMCF). They were also 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.

Founded by Derek Canton, Paerpay was originally created as an in-person dining payment app to help diners pay for their meals more quickly and easily, particularly when splitting the tab amongst a group. As a result of the pandemic, Canton quickly pivoted the business to focus on contactless payments in 2020, which became critical as the continued digitalization of the restaurant industry accelerated.

Today, 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 helps operators adapt to the rapidly changing landscape of payment, including cryptocurrency, digital wallets, and other modern payment methods.