Pay By Face News
- Company looking to raise $50M (already has 25M)
- Caliburger and Cali Group is parent company
- Up to 85,000 users in California
- Reduces merchant payment fees
- Internationally Wendy’s First Kitchen locations in Tokyo
- Facial payment ala Alipay popular in China
- Consumer interest in paying by face low at this point\
- Legal considerations — Illinois, California, Texas and Washington have enacted biometrics-related laws, while Oregon has statutes related to facial recognition.
Miller acknowledged expansion plans – to establish more of a presence nationally and globally – are ambitious, so the company is targeting a funding round in the $50 million range that would close in early June. The exact timing, however, is likely to depend on the current market.
“Assuming the markets are healthy, we’ll raise capital,” Miller said. “If the world falls apart, we’ll hunker down and just keep executing with our current balance sheet.” In the latter case, PopID may opt to wait until September to raise more funds.
A fresh infusion of capital would go toward facilitating the company’s rollout in the U.S., as Miller targets partnerships with brick-and-mortar chains that offer national scale, and on the international stage through joint venture partnerships. Last fall, PopID partnered with SoftBank’s Japan Computer Vision to roll out PopPay software in some Wendy’s First Kitchen locations in Tokyo.
Read full article now on PaymentsDive March 2022
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