Paris based wearable payment startup PayinTech has raised €2.5m in venture funding led by Caisse des Dépôts. PayinTech offers wearable items such as bracelets equipped with a small payment chip.
French fintech startup PayinTech, a wearable payment solution focusing on the tourism and leisure sector, announced that it has raised €2.5 million. The round was led by Caisse des Dépôts, which invested €2 million, with participation from previous investors Fa Dièse and CapDecisif. With a contactless chip, PayinTech allows users to pay directly at concerts or events by passing a bracelet or card by a cashier. The startup claims to have over 3.2 users in France and abroad. PayinTech plans to use the new funding to expand its customer base in France.