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Mobile Payments

PayKey raises USD 6 mln in Series B Funding Round

Monday 26 June 2017 | 09:12 AM CET

PayKey, a social banking solution provider, has raised USD 6 million in the second funding round that closes in September 2017. 

The round is being led by MizMaa, a US and Chinese backed venture capital fund, which is currently discussing with potential investors to help the company reach its USD 10 million target before the round is closing the third quarter of 2017.

In November 2016, the company secured USD 6 million in Series A funding to develop its mobile payment solutions. The solution lets bank customers transfer money instantly using popular social networks and messaging apps such as Facebook’s Messenger, WhatsApp and Twitter.

The PayKey solution was launched by Turkey-based Garanti Bank with a focus on the P2P payment needs of its growing base of young customers. The solution was launched to capitalize on this untapped market segment.

A new survey of 18-34 year olds conducted by the company shows that 70% of millennial consumers still use cash, checks or bank websites to transfer money to friends and family. Only 6% of respondents said that they choose non-bank solutions, which showcases the potential for expansion in the P2P market.

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