The Series A is led by Greycroft, with participation from Spark Capital and eVentures. Verse had previously raised a USD 1.8M seed round from angel investors in Europe and the US. DFJ Dragon also invested in that round.
The new funding will be used to expand its team, including new hires focused on product development, aimed at accelerating its growth, according to the company.
In order to make payments using Verse you just type the amount that you want to transfer, select one of your phone contacts from your address book and click send.
Verse was actually incorporated in San Francisco, and went through a local accelerator there, before relocating most of its team to Barcelona and soft launching the app this February. It now has around 550,000 users across its Android and iOS footprint, according to Lopera, relying on viral spread rather than any substantial marketing spend at this point.
He says the typical size of payment Verse users are pinging to each other via the app is between EUR 25 and EUR 30.
Verse does not have banking partners in the various markets it covers, but rather holds customer funds in local bank accounts, settling euro transactions in markets where it does not have a local bank account via SEPA payments.
Additionally, Verse does not charge for P2P payments generally, but if a user wants to send money between different European currencies — such as the euro and the UK’s pound sterling — it does charge a fee, of between 1.5 to 2% “depending on the country and the currency”.
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