SafePay Turns to Crowdfunding for Next Phase of Growth

Sept. 4, 2014

SafePay Turns to Crowdfunding for Next Phase of Growth SafePay, a Toronto-based authentication technology provider, has launched a crowdfunding effort that aims to raise $50,000 to upgrade its platform. SafePay is an added layer of technology that enables merchants to authenticate consumers by pinging their smartphone pre-authorization. The cardholder can review the purchase and approve or abort the transaction before it occurs.

According to CEO Mick Bhinder, the company has targeted shopping-cart providers as the best partners to align with and recently finished developing apps compatible with four major providers: Magento, PrestaShop, OpenCart and Blue Commerce. Proceeds of the crowdfunding effort will be used, in part, to expand this strategy by creating software applications for more popular carts. Bhinder said the funds, to be raised on crowdfunding site Indiegogo , also will be used update the consumer-facing iPhone app to iOS 8, develop the company’s first Android app and increase the network capacity for data storage.

“This the first crowdfunding campaign in the payment space,” Bhinder told “SafePay lends itself to be a strong B2B solution as well as B2C. So we think we’ve crafted a campaign that speaks clearly of the value proposition to both merchants and consumers. We have an innovative solution and with this support we can break through to the next round of development and business growth.”

SafePay’s Indiegogo campaign opened Tuesday and will continue through Oct. 2, 2014.