Skip to main content

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.

This ad will auto-close in 10 seconds