PayKey Secures $10M in Series B Funding
Today marks a significant milestone for PayKey! We have just announced our Series B funding round, having raised $10 million in new capital, taking our total investment to date to $16 million.
This past year has been a big one for us at PayKey, which triggered much interest from investors around the world, particularly from investors in Asia. As an incredibly innovative ecosystem and a mobile-first market, such interest from prominent Asian players including MizMaa, SBI Group, Digital Ventures – the fintech subsidiary of Siam Commercial Bank, and more, will be a key driver for our expansion in the region.
We started PayKey with the goal of bringing the banking experience into the 21st century and helping financial institutions to compete in the increasingly competitive and fragmented market. Users are increasingly expecting companies and services to be available to them at any channel of choice, at any time, and the financial services industry is no exception. The way we see it, it’s time banks started going to their customers, and not the other way around.
Our patent pending and channel-agnostic Mobile Banking Keyboard drives engagement for financial institutions around the world by creating new channels for financial services, information, and communication. By enabling banks to offer their customers access to financial services such as P2P payments, balance check, chatbot engagement, and more from their keyboard, we’re taking all friction and hassle out of the banking experience by taking the banks right to their customers – in whichever app they’re spending time in.
Over the past year, PayKey has seen impressive growth in customer adoption, with seven banks across four continents signing commercial agreements, including UOB in Singapore and Westpac in Australia, as well as one of the largest banks in the world that is due to go live with our solution by the end of the year. We have expanded our product offering to meet the changing needs of the market, built strong partnerships in the ecosystem, moved into our brand new offices, and doubled our number of employees.
This funding round, representing a huge seal of approval from the greater banking industry, will help us accelerate our innovation and expand our product offering to our rapidly growing client base.
We are really excited to have our new partners on board as we charge ahead in our quest to bring innovation at speed to the world’s financial market.
Read more about our news on TechCrunch.