Fintech co PayKey raises $6m

FinTech Photo: Shutterstock

The company has developed a system enabling peer-to-peer transactions using social networks and instant messaging applications.

Israeli fintech company PayKey has completed a $6 million financing round. The company, founded in 2014, has developed a system enabling banks to provide peer-to-peer fund transfer services via social networks and instant messaging applications.

The company says that its technology enables secure fund transfers directly from the mobile phone keyboard, while the client is in a social conversation, with no need to enter a designated bank application or fund transfer application, such as an electronic wallet. At present, there are already over 2.3 billion people accessing social networks using their phones, with over 1 million new users each day. "Transferring funds directly from the social application makes the payment process intuitive and simple, without requiring the user to enter the bank details of the payee. Users enjoy a service experience involving immediate payments, while remaining in the world of social media with their friends and family," the announcement says.

PayKey CEO Daniel Peled said, "As the customer's level of confidence in using social networks for financial transactions increases, banks must prepare to provide these services in a way that is safe and friendly. This financing will enable us to continue developing our solution while beefing-up global marketing efforts."

PayKey says that its system links the world of banking with the world of social networks in an optimal manner, making banking activity simpler and more efficient. The system works on all mobile platforms on the market and can be individually branded for each bank. "Service integration is quick and simple because it done on the API level, without changing security procedures and levels," PayKey's announcement says.

The company is already working on system checks and integration with a long line of leading banks, such as: Santander, in several countries, Nationwide, in the UK, ING in Holland, SpareBank in Norway, Davivienda in Columbia, Privredna Banka Zagreb in Croatia and more.

PayKey was founded in 2014 by CEO Daniel Peled and CTO Offer Markovich It has so far raised $6.4 million and has 20 employees. Its main investors are funds e-ventures, Magma, Digital, CommerzVentures, Santander InnoVentures and Leaders Ventures, as well as MasterCard and Gabby Salem from Wharton Asset Management.

Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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FinTech Photo: Shutterstock
FinTech Photo: Shutterstock
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