Israeli fintech startup PayKey has raised a $6 million Series A round from e.ventures, Gaby Salem of Wharton Asset Management, Santander InnoVentures, CommerzVentures, MasterCard and Digital Lenders Ventures.
PayKey has developed a mobile keyboard application that allows banks to offer users peer-to-peer payment options through social networks and messaging services. PayKey says it will use the new funds to further develop its mobile payment solutions for social networks including Facebook, WhatsApp, and Twitter.
"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," Daniel Peled, CEO of PayKey told Israeli business publication Globes.
The system works on all mobile platforms on the market and can be individually branded for each bank. The company says that it is easy to integrate because it is done "on the API level, without changing security procedures and levels."
The company is already working on integrating with several leading banks, including Santander, Nationwide, ING in Holland, SpareBank in Norway, Davivienda in Columbia, Privredna Banka Zagreb in Croatia and more.
“Santander has a longstanding relationship with PayKey and we are working closely to conduct customer trials across our markets," Mariano Belinky, managing partner with Santander InnoVentures, said in a press release. "We strongly believe PayKey can make payments even more accessible and integrated with consumers’ digital lives and we are actively interested in the potential to bring that value to our customer base.”