Fitbit, a leading player in the connected health and fitness market, has acquired wearable payment assets of Coin, a Silicon Valley consumer electronics and financial technology company. The deal includes key personnel and intellectual property specific to Coin’s wearables payment platform.
The transaction was completed on 12 May 2016. Payment terms were not disclosed.
While there are no plans to integrate Coin’s wearable payments technology into the 2016 Fitbit product roadmap, the acquisition accelerates Fitbit’s ability to develop an active, contactless NFC (near field communication) payment solution that could be embedded into future Fitbit devices, broadening its smart capabilities. The acquisition excludes smart payment products, such as Coin 2.0.
According to a Fitbit release, this acquisition is indicative of Fitbit’s commitment to innovation, which centres on making connected health and fitness devices that are motivating, smart and stylish.
“We are focused on making wearable devices that motivate people to reach their health and fitness goals, and that also make their lives easier with the smart features they need most,” said James Park, CEO and co-founder of Fitbit. “Coin has been one of the key innovators in advanced payment solutions. The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people’s lives.”
Fitbit aims to help people lead healthier, more active lives by empowering them with data, inspiration and guidance to reach their goals. As a leader in the connected health and fitness category, Fitbit designs products and experiences that track everyday health and fitness.
Fitbit’s diverse line of award-winning products includes Fitbit Surge, Fitbit Blaze, Fitbit Charge HR, Alta, Fitbit Charge, Fitbit Flex, Fitbit One and Fitbit Zip activity trackers, as well as the Aria Wi-Fi Smart Scale. Fitbit products are carried in over 50,000 retail stores and in 63 countries around the globe.
