Payso

Natalie Cartwright and Jake Tyler, from Toronto, asked for $100,000 for 10 percent of Payso, a mobile app that lets users send money to any phone number in Canada instantly and for free by linking a credit card to a Payso wallet, which can be cashed out to a bank account at no cost. The app has had 1,200 downloads with 300 to 400 active users, processed over $40,000 in payments so far this year growing 100 percent month over month, and the founders said they would need about $1.5 million for their seed and A funding rounds, with plans to eventually charge merchants a 1.5 percent interchange fee and to partner with a Canadian bank.

Joe Mimran went out, saying the ask was too small relative to the scale needed to win the market before competitors arrive, and Manjit Minhas went out over concerns about the timeline needed to beat competitors. Jim Treliving went out doubting a bank partnership would materialize. Michael Wekerle offered $100,000 for 50.1 percent, but withdrew once Michele Romanow offered $100,000 for 20 percent contingent on a larger funding round; when the founders countered with 12.5 percent, Michele declined, and no deal was made.

Payso appears to have closed. Its products may no longer be available.