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January 30, 2018

Singapore’s mobile payments app SpherePay receives $10m in funding

SpherePay, a Singapore-based mobile app developed by payment services provider OPG Asia, has raised $10m in funding from unnamed investors.

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The firm said that the names of the investors were not revealed owing to “on-going developments”.

According to SpherePay, the latest fundraising along with its collaboration with bike sharing operator oBike will position it as the top three payment platforms in Southeast Asia.

By integrating with oBike, SpherePay will offer its users access to services on oBike’s app such as geofencing and crowdsourcing delivery service oBike Flash. The integration is scheduled to be concluded in March 2018.

Meanwhile, SpherePay also plans to upgrade its app by adding merchant-deals listings feature supported by location-based services (LBS). The mobile app will eventually also add other payment capabilities for booking of events, courses and classes, paying for bills such as telco and utility bills and booking tickets.

SpherePay CEO Joseph Chen said: “Our completion of the recent fundraising coupled with the strategic partnership with oBike, are testament to the commitment and rapid development of SpherePay. 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.”

In addition, SpherePay also unveiled plans to expand across Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam and Cambodia. The expansion is slated to be completed by the second quarter of 2018.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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