Paerpay, a Boston, MA-based contactless payment solution for restaurants, closed a $3m seed funding round.
MassMutual led the round through the MM Catalyst Fund MMCF. Elevate Capital and MassVentures joined them, as well as Techstars, Techstars (MMCF), Techstars, Techstars, The Fund, Gaingels, Chingona Ventures, and Techstars.
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. Restaurants can use its QR Code and text-driven payment system to promote social distancing and increase payment security while improving efficiency.
Paerpay currently works with a 500+-store fast-food chain in a pilot project to reduce drive-through wait times and improve guest experience. Paerpay lets guests place orders at the speaker. They can then scan a QR Code to view their order details and make payment on their phone. You don’t need to swipe or tap your card at the first window. Guests can just collect their food, and they’re 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, Wal-Mart.