Mobile startup Altpay receives $1 million investment

Hollywood, Fla. – Altpay, a startup mobile payment company that released its patent-pending technology in April 2014, has received a $1 million equity investment from two family office investors. Altpay markets its mobile payment service in the U.S. to regional and mid-market retailers, including supermarkets, grocers, pharmacies and convenience stores.



One of Altpay’s target markets is retail customers without bank accounts. The company’s business model is based on a mobile payment software application integrated with the merchant’s point of sale and back office that uses a patent-pending, one-time-use token tied to location and time. The technology, which replaces cash tender at the point of sale, does not require merchants to make hardware upgrades.



Altpay provides a direct channel of communication to the customer’s smartphone to deliver a targeted customer rewards program. The technology works with Android, Apple and Windows mobile smartphones.



The company will launch in Latin America in the first quarter of 2015.