Today, universal eWallet acceptance startup GATE (Global Acceptance Transaction Engine), formerly TokenID, Inc., announced the closing of $3.2M in seed funding.
The seed round was led by Orco Investments, with participation from serial entrepreneurs Jacob Shochat and Alex Jurovitsky of Quilinks Investments, who previously founded and sold Dynamic Imaging to GE Healthcare in 2007.
The funding will be used for research and development, as well as scaling its sales and marketing channels, client acquisition and further expansion of the business. To that effect, starting today the company enters beta testing mode with a global eWallet company in more than 29 countries.
Specializing in eWallet technology, GATE solves one of the biggest challenges companies in the space face, universal acceptance of eWallet funds by online and physical merchants. GATE’s patented technology allows eWallet companies and its end users the ability to use their funds from the wallet anywhere they would be able to use a credit card, both online or in a physical location, all without the need for merchant integration. By creating a unique password during each transaction, GATE provides an added layer of security during the payment process and can be used even in a connectionless environment.
“Over the past decade there has been such a radical transformation in the way consumers make a purchase, moving from cash to credit cards, debit cards and prepaid cards to online and now mobile payments, but for some reason the physical wallet has remained fairly untouched in this digital-first world. Our goal is to help the companies looking to transform eWallets into the wallets of the future. With our platform-agnostic technology, companies don’t need to rely on merchant integration and can offer consumers more flexibility in where and how the eWallet is used, which will increase eWallet adoption, balances and transactions.” said Rich Foster, co-founder & CEO of GATE.
“GATE’s technology is bridging a critical gap between the eWallet and merchant. We’re impressed by the company’s ability to bypass many of the complications prohibiting eWallets from being accepted in more places and thus offer the consumer the ability to use their funds anywhere their cards would be accepted, all while giving consumers an unprecedented level of transaction and personal data security never been seen in the marketplace. They’ve successfully created a product that not only adds flexibility, but gives the option for greater scalability and security in the process.” said Jacob Shochat, CEO of Quilinks Investments.