P2P payments app Verse pockets $20.5m to expand overseas

European peer-to-peer (P2P) payments app Verse has pocketed a $20.5m Series B round led by Spark Capital.

e.ventures and Greycroft Partners also participated in the round for the Barcelona-based payments player as it looks to expand beyond Europe.

The company’s service closely resembles PayPal-owned P2P app Venmo, which is not yet available in Europe, in allowing users to transfer money directly.

It also lets users create events to pool money together in groups and offers a social feed of friends’ payments activities.

Verse is currently live across 27 countries and plans to use the new funding to add Switzerland and Norway too, as well as expand beyond the continent into Latin America – specifically Brazil, Colombia and Mexico.

Spark Capital general partner Alex Finkelstein said in a blog post: “This is a young, product-focused team that is obsessed with creating the type of consumer product experience that makes sense for their generation that older banking institutions struggle to provide.

“Their instincts for building a beautiful, simple product that makes transferring money between friends and across currencies fast and easy is why Verse is growing so quickly among millennials in Europe. Even better, the growth has occurred virally on the strength of the product experience.”

Verse has now raised more than $30m in total funding with it previously picking up $8.3m in a Series A round led by Greycroft partners in October 2016.

Copyright © 2017 FINTECH GLOBAL

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