PayKey Mobile Payment App Raises $6 Million in Series B Funding

PayKey, an Israeli social media adjacent payment mobile platform, has raised $6 million in a Series B funding round led by an American and Chinese backed capital fund venture, according to Israeli financial newspaper Globes.

By using the PayKey app, clients are able to transfer funds via Twitter, WhatsApp, and Facebook Messenger. A similar amount was raised back in November 2016 to advance the development of the mobile app.

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The company was established in 2014 by CEO Daniel Peled and CTO Ofer Markovich, and it has raised a total of $12.4 million to date. Former investors in the fintech firm include Magma, e-ventures, Digital, Santander InnoVentures, CommerzVentures, Mastercard, Leader Ventures, and Gabby Salem at Wharton Asset Management.

Peled commented: “In the first half of this year we’ve had unprecedented global interest from financial institutions and investors in our solution, which is now available through Westpac in Australia, Garanti Bank in Turkey, Davivienda in Colombia and Sparebank 1 in Norway, proving our ability to lead in the emerging social banking space.” Singapore and other territories are expected to join in the next few months.

Bora Uluduz, SVP of digital banking at Garanti Bank, commented: “Despite non-traditional competitors gaining traction in the market, the current disruption of non-bank P2P providers to banks has been widely overstated. We view the mobile P2P transfer market as an exciting opportunity to meet the emerging expectations of our younger customers. With Garanti Mobile Keyboard, developed by PayKey and integrated to our mobile app – Garanti Mobile, we will provide a quick, intuitive and contextual P2P user experience across all social networks and messaging applications.”