Radpay, a blockchain based, peer-to-peer payment processing company, said it completed a $1.2 million series seed round, which reflects a 20% oversubscription, reflecting greater-than-expected investor interest. 

The funding was led by Resiliency Ventures and BlackLaunch as well as unnamed investors from Nebraska and Arizona. The new funding carries a $10.2 million post-money valuation — the company's worth after the new funding — and represents the first amount of outside funding since the company was founded in July 2018. 

Radpay officials said the funding will be used to commercialize its technology, expand marketing to e-commerce and retail merchants and further develop its inventions in blockchain, digital wallets and payments. 

"Our company was built on the premise that accepting charge cards need not cripple merchants with high fees and that using charge cards need not saddle consumers with crippling debt," Dana Love, CEO of Radpay, said in a company release. "Since our founding in 2018, we have led the pack in innovating on behalf of e-commerce merchants."

He said the funding will help the company bring transparency, innovation and value to what he calls a stagnant payments processing industry. 

CTO Jared Stauffer said that the company's customers will begin testing its technology in January, according to the release. 

Cover image: Radpay.