The funding round was co-led by global venture capital company, e.ventures and Gaby Salem of Wharton Asset Management, with investments from new investors, including CommerzVentures, MasterCard and Santander InnoVentures, Digital Leaders Ventures, and follow on investment from Magma VC.
The financing will be used to further develop PayKey’s mobile payment solutions, which enable bank customers to make payments on all social networks and messaging apps, such as Facebook’s Messenger, WhatsApp and Twitter.
Currently, there are more than 2.3 billion active social mobile users, and 1 million new active mobile users are added every day around the world. Users can use money transfer functionalities while chatting with friends and family members.
PayKey’s B2B2C technology is platform agnostic and can be white labelled and branded by each bank. Since all integration takes place at the API level it is easy for banks to implement and no changes are required to existing security practices. A PCT patent has been filed for the technology.
PayKey is already working with a number of global banks to test and deploy its solution including Santander in several countries, Nationwide in the UK, SpareBank 1 in Norway, ING in the Netherlands and beyond, Privredna banka Zagreb, member of Intesa Sanpaolo Group in Croatia and Davivienda in Colombia.
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