Social media payment service PayKey reports $10 million in the latest fundraising round

20 October 2017

PayKeyA Tel Aviv-based provider of mobile payment services, PayKey, has reported the completion of the fundraising round bringing additional $10 million to its capital. It is the latest reports on money collection after the company announced a $6 million raise in November 2006.

PayKey is a mobile payment platform featuring a dedicated keyboard that enables users of any social network, including Facebook, WhatsApp, Twitter and any other social media platform, to make money transfers to the contacts in their list. The keyboard application adds special icons to the bottom of the smartphone screen to enable customers to initiate fund transfers. They just need to select $ sign, select a contact and confirm the transaction.

The latest fundraising round was led by MizMaa, a venture capital firm, and included other participants such as SBI Group, Digital Ventures, a fintech business unit of Siam Commercial Bank, SixThirty and FinTech71.

PayKay has successfully entered into a number of deals with 7 major banks, including Westpac, Turkey’s Garanti Bank and Bank Leumi. However, Apple insisted that Westpac should remove PayKey application, which gave raise to speculations that Apple Pay is preparing to launch its own equivalent of social media payment functionality.

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