Fintech firm PayKey raises $6M in series A funding to further develop mobile payment solutions

Social fintech firm PayKey announced that it has completed $6 million in a Series A funding round co-led by leading global venture capital firm, e.ventures and Gaby Salem of Wharton Asset Management.

The funding round saw investments from new investors, including financial sector leaders CommerzVentures, Mastercard and Santander InnoVentures, Digital Leaders Ventures, and follow on investment from Magma VC.

The company plans to use the financing to further develop its mobile payment solutions that will enable bank customers to seamlessly make instant and secure payments on all social networks and messaging platforms like WhatsApp.

"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 said, as reported by globes.

The company said in its announcement that the service integration is done on the API level, which will make it quick and simple, without changing security procedures and levels. PayKey has been working on system checks and integration with leading banks like Santander, ING in Holland, SpareBank in Norway, Davivienda in Columbia, among others.