Israel-based mobile banking app developer PayKey has secured $10m in series B funding from a consortium that included financial services firms SBI Group and Siam Commercial Bank (SCB).
Investment firm MizMaa led the round, which included accelerators SixThirty, Fintech71 and FinLab, the latter a joint venture between United Overseas Bank and the Singaporean state-owned SGInnovate. SCB contributed through its fintech investment arm, Digital Ventures.
Founded in 2014, PayKey has developed a keyboard application for smartphones that incorporates easy access to banking services within a user’s other apps.
The keyboard has a banking button that allows users to check balances, make payments and withdraw cash without a card, all without leaving the app they are using. The funding will be used to expand into new international markets and continue product development.
PayKey had previously closed a $6m series A round in November 2016 featuring payment services provider Mastercard and the fintech investment arms of financial services firms Commerzbank and Santander: CommerzVentures and Santander InnoVentures.
E.ventures, Wharton Asset Management, Digital Leaders Ventures and Magma VC also participated in the series A round.
Yoshitaka Kitao, CEO of SBI Group, said: “We were very impressed by PayKey’s traction in the market. The company has established itself as the leading solution provider for peer-to-peer payments and contextual banking solutions.
“We are excited to be an investor and look forward to supporting PayKey as they lead the way towards bringing greater innovation to the banking industry.”