Israeli fintech startup PayKey raises $10 million to expand in Asia

Israeli fintech startup PayKey has raised $10 million in its Series B round led by MizMaa with participation from SBI Group, Digital Ventures, SixThirty, Fintech71, and The FinLab.

PayKey has developed a white-label product called Mobile Banking Keyboard designed for carrying financial transactions quicker through mobile services, such as P2P payments and cardless cash withdrawals.

The new funds will be invested in global expansion, namely in the Asian market. Several of the investors in this round are Asian based while the startup graduated from the Singaporean FinLab accelerator.

“Asia is a very innovative and strategic market for us, and so it’s very exciting to see such support and interest from the Asian market in this funding round,” said Daniel Peled, CEO of PayKey. “With top VCs and strategic investors from the Asian market leading this round, it’s an exciting validation of our technology and success so far. We’re excited to hit the ground running as we expand towards Asia.”

Several banks are among PayKey customers in countries like Singapore, Australia, Colombia, Turkey, Norway, and the company’s native Israel. It expects to double its customer numbers within the next six months.

“Fintech is booming in Asia right now,” added Paul Ark, managing director of corporate venture capital at Digital Ventures. “As a rapidly evolving space with huge market potential, we’ve been searching for companies with the right ingredients to invest in.”