FedDev Ontario helps mobile payment technology company scale up
$630,000 helps early-stage ICT company simplify the way consumers shop with their mobile devices
April 15, 2019—Toronto, Ontario
Today, Adam Vaughan, Member of Parliament for Spadina–Fort York, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced a FedDev Ontario contribution of $630,000 for Soundpays Inc., a mobile payment solution company, to accelerate growth of its patented mobile payment technology.
Soundpays Inc.’s technology uses ultrasonic sound waves to connect mobile devices to advertisements, allowing the user to engage and purchase products. Using this technology, major financial institutions, broadcasters and retailers can offer a one-touch purchase option, triggered in real time to consumers on mobile devices that are physically near to the digital ad.
FedDev Ontario’s investment will allow Soundpays Inc. to enhance its mobile payment technology by further developing its functionality and features, including the adoption of security enhancements and push notifications to open applications. The project will enable the company to grow and compete for business in existing and new global markets. With this support, Soundpays Inc. also expects to create six full-time skilled jobs in Toronto.
This investment supports the Digital Industries Economic Strategy Table’s aim to foster digital innovation and excellence in Canada by growing the number of high-growth firms to anchor Canada’s global leadership.
“Our government is laying the foundation for Canadians to become more competitive and succeed in the global economy. Today’s investment in Soundpays Inc. builds on our competitive advantages and will result in the development and commercialization of innovative technology to compete in global markets, boosting economic growth and creating good, middle-class jobs for Canadians.”
— The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“FedDev Ontario’s support for Soundpays Inc. is helping to accelerate a brand new commerce channel developed and distributed right here in southern Ontario. Our Government is providing resources that help promising start-up companies to scale up and create quality jobs.”
— Adam Vaughan, Member of Parliament for Spadina–Fort York
“FedDev Ontario funding comes at a critical stage for our company as we continue to build, generate meaningful revenues, attract high-profile investors, and commercialize metrics. Thank you to the Government of Canada for supporting Soundpays Inc. as we navigate this leap to global commercialization.”
— Steve Doswell, Chief Executive Officer, Soundpays Inc.
Established in 2015, Soundpays Inc. addresses a gap in mobile payment technology, allowing products to be purchased directly from advertisements.
Soundpays Inc. mobile payment solution has been implemented in recent pilot projects by Roots Canada, BMO Field and Swisscom, to engage audiences in real time and secure instant purchases.
FedDev Ontario's repayable contribution of $630,000 will leverage an additional $1.17 million in private sector investment.
This year marks 10 years of FedDev Ontario delivering funding and business services to support innovation and growth in southern Ontario. Since inception in 2009, FedDev Ontario has invested almost $2 billion in the region’s economy, with more than 31,000 jobs created and maintained over the past five years.
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