Make Change. Take Mobile.
PayRange was founded by Paresh Patel, a veteran of the automated retail industry having previously founded companies on both the customer-side and the technology-side. While credit card solutions for machines have been around for two-decades, Paresh recognized that current solutions pencil out for just a small fraction of machines. Undeniably the benefits are compelling — double digit lift in sales — but the cost of such solutions is a barrier as evidenced by penetration in the low single digits.
One day his car needed air and he stopped at a gas station only to realize the machine only accepts four-quarters … and he had three. He unsuccessfully searched the ashtray of the car, under the seats, asked around, and finally accepted he wasn’t going to be able to get the air.
It’s frustrating, and he realized the problem was not the price – the problem was he was just physically unable to make the purchase due to payment. Payment was the barrier to the sale, not customer demand.
PayRange is focused on eliminating payment as the barrier. We start not with the technology, but rather the operator’s realities and the user experience. First it must work for the operator, or there will be little deployment. Second, it must be simple or there won’t be many using it.
The foundation of our unique approach is simple:
Leverage the user’s connection. Why connect machines to the cellular network when the users have a connected smart phone? We eliminate the costly cellular hardware and recurring monthly fees and provide an interface that is familiar to the user (their own phone).
Aggregate micro-payments. Users prefund our wallet and then use on a variety of machines. It is more convenient and faster for the user, and reduces transaction costs for the operator.
Eliminate contact point on machines. We significantly reduce problems for the operator by eliminating physical contact. And because there is no contact point, we improve ADA compliance – with the user’s phone in hand, it doesn’t matter if the user is 6’9” or in a wheelchair.
Our exceptionally talented team is working to break the payment barrier by bringing cost-effective, easy-to-use mobile payments to the other 95% of machines that include vending, parking meters, luggage carts, transit ticketing, laundromats, amusement, and more.
PayRange was founded by Paresh Patel, a veteran of the automated retail industry having previously founded companies on both the customer-side and the technology-side. While credit card solutions for machines have been around for two-decades, Paresh recognized that current solutions pencil out for just a small fraction of machines. Undeniably the benefits are compelling — double digit lift in sales — but the cost of such solutions is a barrier as evidenced by penetration in the low single digits.
One day his car needed air and he stopped at a gas station only to realize the machine only accepts four-quarters … and he had three. He unsuccessfully searched the ashtray of the car, under the seats, asked around, and finally accepted he wasn’t going to be able to get the air.
It’s frustrating, and he realized the problem was not the price – the problem was he was just physically unable to make the purchase due to payment. Payment was the barrier to the sale, not customer demand.
PayRange is focused on eliminating payment as the barrier. We start not with the technology, but rather the operator’s realities and the user experience. First it must work for the operator, or there will be little deployment. Second, it must be simple or there won’t be many using it.
The foundation of our unique approach is simple:
Leverage the user’s connection. Why connect machines to the cellular network when the users have a connected smart phone? We eliminate the costly cellular hardware and recurring monthly fees and provide an interface that is familiar to the user (their own phone).
Aggregate micro-payments. Users prefund our wallet and then use on a variety of machines. It is more convenient and faster for the user, and reduces transaction costs for the operator.
Eliminate contact point on machines. We significantly reduce problems for the operator by eliminating physical contact. And because there is no contact point, we improve ADA compliance – with the user’s phone in hand, it doesn’t matter if the user is 6’9” or in a wheelchair.
Our exceptionally talented team is working to break the payment barrier by bringing cost-effective, easy-to-use mobile payments to the other 95% of machines that include vending, parking meters, luggage carts, transit ticketing, laundromats, amusement, and more.
Location: Jamaica, Portland
Employees: 11-50
Total raised: $17.35M
Founded date: 2013
Investors 3
| Date | Name | Website |
| - | Eastward C... | eastwardcp... |
| - | Matrix | matrix.vc/ |
| - | GV | gv.com |
Funding Rounds 3
| Date | Series | Amount | Investors |
| 29.06.2015 | - | $12M | - |
| 13.08.2014 | - | $2.75M | - |
| 18.07.2014 | - | $2.6M | - |
Mentions in press and media 14
| Date | Title | Description |
| 28.02.2025 | Noida-based laundromat tech startup Turns acquired by PayRange | For an undisclosed sum, fintech startup PayRange purchased Turns, a vertical SaaS startup in the laundry industry. Through this acquisition, Turns’ laundry management software and PayRange’s machine payment system will be combined to increa... |
| 03.10.2024 | PayRange Receives Strategic Growth Investment From Ridgeview Partners | Growth-oriented technology private equity firm Ridgeview Partners, in partnership with The Baupost Group, announced it has agreed to make a significant strategic growth investment in PayRange, a leading provider of IOT software and payment ... |
| 10.05.2021 | Money makes the world go round: Mobile wallets and the future of commerce | Image: iStockphoto/ipopba During the height of the COVID-19 pandemic, some people were spraying down their cash with alcohol and sanitizer spray and then rubbing their hands with antibacterial gel. By January of this year, the media began i... |
| 25.02.2020 | One Million Laundry and Vending Machines are being Upgraded to Accept Mobile Payment with a Hardware-as-a-Service Model | PORTLAND, Ore.–(BUSINESS WIRE)–February 25, 2020– PayRange Inc., a network for everyday purchases, has secured $70 million in funding to digitize unattended retail machines at no up-front cost to machine owners. This press release features ... |
| 22.02.2017 | GeekWire 200 February update: Funding rounds spur hiring pushes for Pacific Northwest startups | Seattle has become known as one of the nation’s hubs for technology, but the Emerald City isn’t the only region with growing tech companies in the Pacific Northwest. Powered by new money, startups in Portland and Vancouver, B.C., as well as... |
| 26.06.2015 | PayRange raises $12 million in funding to expand digital payments | PayRange, which outfits vending machines to accept cards and digital payments, Thursday announced it has received $12 million in Series A funding led by Matrix Partners to help modernize what the company claimed is a $45 billion vending ind... |
| 25.06.2015 | Funding Daily: Today’s tech funding news, in one place | Here’s a list of today’s tech funding stories, updated as the day unfolds. Tip us here if you have a deal to share. On-demand delivery startup Postmates now valued at more than $400M after $80M raise As its competitors flounder, on-demand d... |
| 25.06.2015 | PayRange raises $12M to install new payment technology in old vending machines | PayRange CEO Paresh Patel. PayRange wants to help you buy items from a vending machine without cash or coins. The Portland-based startup today announced a $12 million funding round to fuel development of its vending machine payment technolo... |
| 25.06.2015 | PayRange Secures $12M | PayRange, a San Jose, CA-based maker of tools to enable machines to accept card and digital payments, received $12m in Series A funding. The round was led by Matrix Partners. In addition, Matrix General Partner, Jared Fliesler, a former Squ... |
| 25.06.2015 | Funding Daily: Today’s tech funding news, in one place | We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today! Here’s a list of today’s tech funding stories, up... |
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