PayRange, the maker of a small device that enables every MDB vending machine to accept mobile payments, has raised $12 million in Series A funding led by Matrix Partners. The new source of funding will be used to expand the staff and increase the number of PayRange-equipped machines.

The company is working towards saving old vending machines by giving them new lives with its technology. PayRange transforms vending machines to accept contactless payment from a smartphone app. As we live in an evolving world where people prefer to pay with credit cards, the company wants the vending machine to catch up with the times.