Israeli fintech co PayKey raises $10m

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The company has developed a smartphone keyboard that lets bank customers access financial services without logging onto a banking app.

Israeli fintech company PayKey has announced that it has raised $10 million in a Series B financing round led by MizMaa, with the participation of other investors including SBI Group, Siam Commercial Bank’s financial tech subsidiary Digital Ventures, SixThirty and FinTech71. The company, which raised $6 million last November and announced the first part of its Series B financing in June, has raised $16 million to date.

Tel Aviv-based PayKey was founded in 2014 by CEO Daniel Peled and CTO Offer Markovich. Previous investors include e-ventures, Magma, Digital, CommerzVentures, Santander InnoVentures and Leaders Ventures, as well as MasterCard and Gabby Salem from Wharton Asset Management.

The company has developed a mobile payment service in the form of a smartphone keyboard that lets bank customers access financial services without logging onto a banking app, and enables bank customers transfer money instantly using popular social networks and messaging apps such as Facebook’s Messenger, WhatsApp and Twitter.

PayKey has signed commercial deals with seven banks, including Westpac, UOB, Turkey Garanti Bank Bank Leumi and an unnamed major global financial services provider. The new funds will be used to further develop products and double the company's customer base in the coming months.

Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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computer  photo: Shutterstock
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