Fit Pay, a US-based developed of a payment platform for wearable devices backed by fintech security company Giesecke & Devrient, has merged with biometric security technology provider Nxt-I, according to Finextra.
Nxt-ID said the merger would bring together both companies’ strengths in business, technology and engineering to give a broader internet of things offering to manufacturers of devices, while also expanding the potential customer base.
As Fit Pay becomes a wholly owned subsidiary of Nxt-ID, Michael Orlando –currently chief executive at Fit Pay – will become chief operating officer of Nxt-ID and remain president of Fit Pay.
In February 2016, Giesecke & Devrient led Fit Pay’s $3.1m seed round, which also included accelerator Plug and Play whose program Fit Play graduated from in 2015.
Gino Pereira, chief executive of Nxt-ID, said: “Combining Nxt-ID’s security and authentication technology with Fit Pay’s comprehensive platform-as-a-service capabilities will enable us to significantly expand our offerings to include both hardware and internet of things enablement services.”