TextPayMe
TextPayMe, founded in 2005 and based in Redmond, WA, was a fintech company that enabled users to send money via SMS. It was acquired by Amazon in 2006.
Company Overview
TextPayMe is a fintech company founded in 2005 and based in Redmond, WA, USA. The company operates in the consumer finance sub-industry and was a part of Y Combinator's S05 batch. TextPayMe was acquired by Amazon in 2006. The service is available to anyone in the US with an SMS-capable cell phone.
Services
TextPayMe allows users to send money via SMS by texting 'pay amount phonenumber' to SMS@TextPayMe.com. The payments are secured with a user-created PIN. Users can add money from their bank accounts and link credit cards for transactions. The service has a maximum transaction limit of $500 per month and offers free sending and receiving of money while in Beta.
Payment Security
Payments through TextPayMe are safeguarded with a user-created PIN, ensuring added security for transactions. This level of security is a critical feature for users who are linking their bank accounts and credit cards to the service.
Industry and Regions
TextPayMe operates within the fintech industry, specifically within the consumer finance sub-industry. The service targets users in the United States of America and the America/Canada regions, providing a secure and convenient SMS payment solution.
Acquisition by Amazon
TextPayMe was acquired by Amazon in 2006, shortly after its inception. The acquisition highlights the potential and innovation of the service in the fintech space, particularly in providing secure SMS-based money transfers.