Solution enables banks to provide users with peer to peer payment options through any social and messaging platform
PayKey, a social fintech company that enables banks to provide their users with peer to peer payment options through any social and messaging platform, today announced a $6 million Series A funding round co-led by leading global venture capital firm, e.ventures and Gaby Salem of Wharton Asset Management, with investments from new investors, including financial-sector leaders CommerzVentures, Mastercard and Santander InnoVentures, Digital Leaders Ventures, and follow on investment from Magma VC. The financing will be used to further develop PayKey’s mobile payment solutions, which enable bank customers to seamlessly make instant and secure payments on all social networks and messaging apps, such as Facebook’s Messenger, WhatsApp and Twitter.
PayKey's mobile keyboard app bridges the gap between bank applications and social networks, making everyday banking easier and more efficient. PayKey’s unique technology enables banks to support peer to peer transactions just when they are needed most - when their users are engaged in social interactions.
Currently, there are more than 2.3 billion active social mobile users, and 1 million new active mobile users are added every day around the world. Initiating a payment transaction right from the social app keeps the payment experience intuitive, contextual and simple without needing to share the details of the recipient's bank account. Users can enjoy instantaneous money transfer capabilities while chatting with friends and family members.