The corporate invested an undisclosed amount to take its total commitment to cashless payment technology provider Nayax to $24.5m.
Payment services provider SafeCharge supplied an undisclosed amount of funding for US-based cashless payment and telemetric systems provider Nayax yesterday, increasing its total investment in the company to $24.5m.
Founded in 2005, Nayax produces cashless payment modules for vending machines as well as a telemetry-powered device that enables operators to manage and restock machines remotely.
The company has manufacturing and research and development offices in Israel and also operates in countries including the US, UK, China, Italy and Germany.
SafeCharge, the developer of an online payment processing and checkout platform, had previously provided an unspecified amount of funding for Nayax in December 2016.
The firm’ts transactions platform has integrated Nayax’s technology to expand its presence in the offline payments sector by adding trade from Nayax’s unattended machine modules.
Nayax will use the funding to support growth in the cashless payment segment and an expansion in international markets. SafeCharge will deepen its operational cooperation with Nayax in connection with the investment.
SafeCharge expects to process more than €500m ($617m) in Nayax transactions with its platform over the next four years. The companies’ joint machine services are available in more than 50 countries and 26 currencies, according to Finance Magnates.
Yair Nechmad, CEO of Nayax, said: “We selected SafeCharge as our preferred card acquirer and strategic investor. Safecharge’s unparalleled conversion rate, service quality, superior analytics and fully transparent financial reporting are key for the optimised operation of our business.
“Our unique partnership has enabled us to accelerate our growth and we look forward to continuing to collaborate closely with Safecharge.”
– Image courtesy of Nayax.