Banks face an increasingly army battleground in the struggle for millennial purchasers. Not merely do they have to compete with business like Venmo, but countless messaging apps are computing their own peer-to-peer remittance business. Tel Aviv-based startup PayKey thinks it has the answer with a smartphone keyboard that makes bank clients access financial services without having to log onto a bank app. Today PayKey announced that it has raised a $10 million Series B is presided over by MizMaa, with participation from other investors including SBI Group, Siam Commercial Bank’s business tech subsidiary Digital Ventures, SixThirty and FinTech7 1.
This delivers PayKey’s total fund collected to $16 million. PayKey manager commerce patrolman Guy Talmi says the company started as a social blockchain app, but after ensure the problems banks faced in locking younger patrons, the founders “had a lightbulb instant about how we can solve this problem for finance institutions by exploiting one of the most valuable and most used slice of real-estate on the smartphone-the keyboard.”
After banks integrate PayKey’s white-label smartphone keyboard API( which obstructs each institution’s own security and authentication systems) with their mobile apps, their patrons can install it onto their smartphones and use it to send fees, check their poises and access other services from inside any app. The keyboards have a key with the bank’s insignium that opens a menu of services when it’s tapped.
The idea is that by moving an extra blanket of friction and not forcing customers to leave their favorite social media or messenger apps, PayKey can help finance institutions hold onto younger customers who are accustomed to the accessibility of Venmo, Square Cash and Zelle and peer-to-peer remittance assistances in messaging apps like Facebook Messenger and Snapchat.
“As these stages develop and enhance their own financial services there will be barely any reasonableness left for users to use any other apps, ” says Talmi. “We act as a aqueduct between the bank and the user’s most used apps, enabling banks to have their brand be part of the social and messaging experience.”
PayKey has already signed commercial agreements with seven banks, including Westpac, UOB, Bank Leumi and an unnamed financial services provider that it says is one of the world’s biggest, which are now wheeling out their versions of the keyboard. PayKey plans to redouble its purchasers over the next six months, with a focus on Asia, where many of its Series B investors are based. The startup also wants to start looking in other horizontals, including telecom providers.
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