Decentralised payment processing company Radpay has closed a $1.2m series seed funding round, which represents a 20% oversubscription.

Resiliency Ventures and BlackLaunch participated in the funding round, among other investors. Radpay said that the round had a $10.2m post-money valuation.

The company, which is based on Ethereum, offers blockchain-based payment processing and reward framework. Its merchant card payment solution is said to combine multiple inventions.

Radpay enables card present as well as card-not-present transactions. Retailer, e-commerce businesses, mobile merchants, call centres and also app developers can access the company’s rewards system.

The company will use the fresh funds to grow its business. It will work to commercialise the technology and expand marketing to retail and e-commerce merchants.

In addition, the company will advance its blockchain, payments and digital wallets inventions.

Radpay co-founder and CEO Dana Love said: “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.

“This additional capital, along with our extensive industry and customer partnerships, sets us on a course that will bring transparency, innovation, and value to the stagnant payment processing industry.”

In August this year, the company launched the SpeedPath technology.

SpeedPath allows merchants to accept digital wallet payments even when the customer is not in front of the payment terminal. The technology is meant to make wallet payments feasible for restaurants.