Mobile banking startup PayKey closes $10M Series B

Fin-tech startup PayKey is celebrating a $10 million Series B funding round.

Led by MizMaa, the round also included SBI Group, Digital Ventures, SixThirty, Fintech71, The FinLab, and additional investors. The funds will be allocated toward product development and global expansion.

PayKey’s patent pending Mobile Banking Keyboard allows smartphone users to complete many common actions from within any mobile application without having to open a bank’s app.

CEO Daniel Peled

“It’s been a really successful year for us, as we’ve doubled the number of employees and signed seven commercial deals with banks around the world,” PayKey cofounder and CEO Daniel Peled said.

“Asia is a very innovative and strategic market for us, and so it’s very exciting to see such support and interest from the Asian market in this funding round. With top VC’s and strategic investors from the Asian market leading this round, it’s an exciting validation of our technology and success so far. We’re excited to hit the ground running as we expand towards Asia.”

“Fin-tech is booming in Asia right now,” said Paul Ark, managing director of corporate venture capital at Digital Ventures, the fin-tech subsidiary of Siam Commercial Bank. “As a rapidly evolving space with huge market potential, we’ve been searching for companies with the right ingredients to invest in. With innovative technology, a great team, and early success with top tier financial institutions, we’re very excited to be adding PayKey to our portfolio and to be working together as they enter the next phase of growth.”

EarlyPayKey customers are Westpac (Australia), Davivienda (Columbia), UOB (Singapore), Garanti (Turkey), Sparebank (Norway), and Bank Leumi (Israel). That number is expected to double by next spring.

“PayKey has a very attractive and unique market positioning – offering financial institutions a way to make their brands become a part of the most used mobile apps, while keeping the technical integration process very simple and fast,” MizMaa founder and general partner Isaac Applbaum said.

“We’re thrilled to add PayKey to our portfolio of innovative Israeli startups with a global reach, underscoring the investment focus of MizMaa and the background of its GPs and LPs.”