Fit Pay, a payment platform for wearable devices, has announced the closing of $3.1 million in seed funding led by Giesecke & Devrient (G&D), a supplier of mobile security products and software to banks and mobile data operators.
Fit Pay’s system allows wearable device manufacturers to add contactless capabilities to their products. The platform uses Near Field Communication (NFC) technology, combined with card network tokenisation, to interact with point of sale terminals.
Michael Orlando, co-founder and chief executive officer of Fit Pay, commented: “The G&D investment not only validates our core business proposition of enabling a wider range of products to transact contactless payments, but also brings a strategic partner that will help us accelerate our growth.”
Prior to securing this seed funding round, Fit Pay completed the San Francisco-based Plug and Play Tech Center’s FinTech Accelerator programme last year. Fit Pay will also launch a Kickstarter crowdfunding campaign in February to support the commercialisation on a payment ‘smartstrap’ for the Pebble Time family of smartwatches.
Scott Marquardt, president of G&D, added: “We are pleased to support Fit Pay’s vision for transforming wearables. The Fit Pay platform, in combination with G&D’s capabilities in embedded secure operating systems, brings a complete end-to-end portfolio to Fit Pay’s prospective wearable device partners.”
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