PayKey builds a white-label keyboard API that integrates with banks’ mobile apps and preserves each institution’s security and authentication systems so customers can access payments and account services without opening a banking app. The keyboard places a bank-branded key on users’ smartphones that opens a menu of services from inside social and messaging apps. PayKey says the product reduces friction for millennial customers who prefer in-app peer-to-peer payments and messaging-based services. The company has signed commercial agreements with seven banks, including Westpac, UOB, Bank Leumi and an unnamed very large financial services provider. PayKey raised a $10M Series B, bringing total funding to $16M. The startup plans to double its customers over the next six months, with a focus on Asia, and is also exploring other verticals such as telecom providers. PayKey offers a keyboard app that allows users to make payments within social networks and messaging apps including Instagram, Facebook, Twitter and WhatsApp from their own bank accounts. The company is led by CEO & co-founder Daniel Peled and CTO Offer Markovic. PayKey intends to use the Series A proceeds to further develop its mobile payment solutions. The product integrates payments directly into messaging experiences to streamline person-to-person and in-chat payments. The company raised growth capital in 2016 to accelerate product development and market expansion. No operating metrics were disclosed in the article.

Total raised

$16M

Funding rounds

2

Latest round

Series B

Latest activity

Oct 2017