Singapore-based SpherePay nets over $10m

Singapore-based mobile payments app SpherePay has netted more than $10m in funding from a group of unnamed investors. ?

Founded in 2017, SpherePay is a mobile solution for online payments, fund management and consumer financing. Through the application, users can access advanced credit options when making payments.

The company is looking to launch a new merchant deal listing option, which alerts consumers of nearby deals. Another new integration will be payment capabilities for booking events, courses and classes, ticket booking, and paying utility bills, among others.

At the end of last year, SpherePay initially announced it would expand to Indonesia and Thailand in 2018; however, it is now also looking to move in to Malaysia, Philippines, Vietnam and Cambodia.

Last year, the company formed a strategic partnership with SouthEast Asia bike sharing operator oBike. SpherePay is looking to expand this partnership to integrate the oBike solution to its own app which will see ShperePay support the geofencing feature and crowdsourcing delivery solution.

The integration will be completed later in the quarter and will allow oBike users to sign in to a SpherePay account, but also allow SpherePay users scan and unlock bikes or arrange deliveries.

SpherePay CEO Mr Joseph Chen said, “This partnership with oBike saw an immediate acquisition of over 5 million users in South East Asia and we are putting together new features that will bring even greater benefits to all our users.”

Several investments has already been made in Singapore this year, with financial infrastructure company tyrb Group picking up a $30m funding from Makara and blockchain platform developer Morpheus Labs receiving an undisclosed capital injection.

Last year, the Singapore market was dominated by the payments and remittance sector, with it representing over 60 per cent of the funding in the country.

Copyright ? 2018 FinTech Global

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