Sensepass
SensePass, an Israeli fintech startup that offers new tech for payment options to compete with the established worldwide credit card companies, raised $3 million in new funding from Menara Ventures, Direct Insurance (Bituach Yashir), and angel investors. The company has now raised $5 million to date for its goal of challenging the dominance of the current credit card oligopoly.
SensePass explains that today the retail payments market is dominated by the “credit card model monopoly” with Visa, Mastercard, and others. And, of course, there are other options such as PayPal and Venmo.
Founded in 2017 by CEO Moty Arcuschin, COO Chen Cohen and CTO Nir Alperovich, SensePass says that it has developed a “disruptive mobile payments” platform that is about to revolutionize the way we pay when shopping both online and in-store.
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Called Sensepay, the platform leverages the power of Internet of Things (IoT) to enable retailers to seamlessly accept a diverse network of alternative payment methods, including mobile apps and e-wallets, with a banking-grade level of security.
A user need only swipe an enabled device with their smartphone that has had the SensePass Sensepay app installed.
“Adding more payment options to this enormous market is disrupting that long-lasting monopoly and changing how people shop and check out both in a retail store and online,” they say. “This shift will bring new sources of funding into the game and will open new opportunities for audiences that were left behind due to credit card limitations, such as un-banked or under-banked populations, as well as the younger generations that use alternative forms of payment such as e-wallets, crypto, buy-now-pay-later, etc.”
So, how the company’s service differs from already existing services such as the one offered by PayPal? Well, SensePass works with those other firms. It allows its users to more easily make payments using noncredit card payment services. In this way, a person can use those services – they are currently limited by what merchants accept them – just like they would use a credit card.
