PayKey unlocks $6m to bring P2P payments to messaging

Peer-to-peer payments service PayKey has raised $6m in a Series A round of funding co-led by and Gaby Salem of Wharton Asset Management.

Investment also comes from CommerzVentures, Mastercard and Santander InnoVentures, Digital Leaders Ventures and existing backer Magma VC.

The Tel Aviv-based company’s mobile keyboard app allows banks to offer peer-to-peer transactions through social media and messaging channels.

This allows consumers to make transfers without needing to share bank account details and allow banks to retain millennial users who spend an increasing amount of time on messaging apps.

PayKey says the capital will be used to further develop its technology solution.

The company previously raised a seed round from Magma as well as an undisclosed non-equity assistance rounds from Mastercard Start Path.

Copyright © 2016 FINTECH GLOBAL