Blockchain startup Radpay closes $1.2M to disrupt the $32 trillion global card payment processing industry

The typical shopping cart abandonment rate for ecommerce sites and online retailers varies between 60% and 80%, with an average of 67.91%. The best optimized checkout process is only able to achieve an abandonment rate of 20%. This is the problem decentralized global payment processing blockchain Radpay is on a mission to solve. Radpay has a patent-pending solution which can reduce cart abandonment by 36%.

Today, Radpay announced it has closed $1.2 million series seed round to accelerate growth and provide alternative payments and digital wallets. The new funding came from established Silicon Valley investors, Phoenix-based investment firms Resiliency Ventures and BlackLaunch, as well as investors from Nebraska and Arizona. The round carried a $10.2 million post-money valuation and represents the first outside funding since the company’s founding in July 2018.

Founded in 2018 by Dana Love and Jared Stauffer, Radpay is a Phoenix, Arizona-based startup changing the $32 trillion global card payment processing industry. Radpay does this with a patent-pending merchant card payment solution: more than five dozen inventions that blend distributed ledger technology with PCI-compliant card payment infrastructure and mobile devices to merge convenience, security, and transparency. Based on Ethereum, Radpay is a blockchain-based peer-to-peer payment processing and reward framework, where peers may be merchants, consumers, banks, or enterprises.

“Our company was built on the premise that accepting charge cards need not cripple merchants with high fees and that using charge cards need not saddle consumers with crippling debt,” said Radpay’s co-founder and CEO, Dana Love, PhD. “Since our founding in 2018, we have led the pack in innovating on behalf of e-commerce merchants. This additional capital, along with our extensive industry and customer partnerships, sets us on a course that will bring transparency, innovation, and value to the stagnant payment processing industry.”

Proceeds from the capital raised will be used to drive the next stage of the company’s growth, which will include first commercialization of the company’s technology, expansion of Radpay’s marketing to e-commerce and retail merchants, and further development of Radpay’s portfolio of novel inventions in blockchain, payments, and digital wallets.

Radpay’s co-founder and CTO Jared Stauffer commented that “realizing immediate, tangible value is Radpay’s goal for our first customers, who begin testing our service in January. This funding gives us the runway to deliver new innovation to the payment industry.”

Depending on a merchant’s type of business, Radpay can improve net margin by as much as 200% using our patent-pending merchant card payment solution. Radpay has more than five dozen inventions which blend blockchain (Ethereum Plasma) with PCI-compliant card payment infrastructure and mobile devices to merge convenience, security, and transparency. Radpay works in both card present and card not present environments, which means retail merchants, ecommerce merchants, mobile merchants, call centers, and app developers can all access and benefit from Radpay’s rewards system, transactional engine, and value.