The LTP Team had the pleasure of speaking with Daniel Peled, a serial entrepreneur and the Founder & CEO of PayKey, a company that enables payments within any social network – PayKey enables mobile users to access financial services from within any application.
At the end of October 2017, PayKey announced the official closing of its $10 million Series B funding round, led by MizMaa, and joined by SBI Group, Digital Ventures – the FinTech subsidiary of Siam Commercial Bank, SixThirty, Fintech71, the FinLab, and additional new & existing investors. The funding will be used to accelerate PayKey’s global expansion and to continue developing new solutions. This round brings the total invested in the company to $16 million.
PayKey has seen impressive early traction, already counting Westpac in Australia, Davivienda in Columbia, UOB in Singapore (UOB became the first bank in Singapore to let users send money using any messaging app), Garanti in Turkey, SpareBank in Norway, and Bank Leumi in Israel as customers. The company expects to more than double the number of customers in the next six months, with one of the world’s largest banks in the world due to go live with PayKey by the end of the year. The company has previously seen support from leading financial institutions, counting Mastercard, Santander InnoVentures, and CommerzVentures as existing investors.
We hope you enjoy our conversation with Daniel as much as we did!
LTP: Daniel, please tell us about yourself.
Daniel Peled: I’m an entrepreneur and a blockchain enthusiast. I hold a dual degree in Law & Economics and LLM from the University of Haifa, and am responsible for the strategy, vision and team management at PayKey.
LTP: Give us a paragraph pitch of your company.
DP: With PayKey, banks can increase brand engagement by transforming the keyboard into a new channel for financial services, information, and communication. PayKey bridges the gap between banking and social, enabling banks to have their brands become a part of their customers’ social and messaging experience. PayKey enables banks to provide their customers with the ability to initiate and complete a range of financial services, including P2P payments, request payment, balance check, chatbot engagement, cardless withdrawal, and more, from within any mobile application. Offering a cross-platform banking button on the smartphone’s keyboard boosts the bank’s brand engagement while making the banking experience quick, contextual, and simple for users.
LTP: In a sentence or two, what problems are you solving today?
DP: Banks are battling to remain relevant as they face an unprecedented competitive environment coupled with changing consumer expectations for instantaneous, highly-efficient, and seamless financial experiences. In a time where consumers expect to access services from any channel at any time, we are helping banks to improve their user experience and boost their brand engagement by enabling their customers to access financial services from within any mobile application.
LTP: Who are you selling to?
DP: We are selling our fully customizable white label solution to any bank around the world that is looking to offer their customers a superior, channel-agnostic banking experience.
LTP: How does PayKey differentiate itself from competitors?
DP: PayKey’s offering is very unique, as we offer a white label solution that integrates with the bank’s existing mobile application. Most of our competitors are focusing on building “private garden” solutions that work only within their application. Our solution is platform-agnostic, white labeled and works within any application (messengers, email, social networks, etc.).
LTP: Your next milestone?
DP: We have seven commercial deals signed with major banks around the world, with a huge pipeline of potential customers. Our goal over the next year is to close more deals and to continue expanding our customer base internationally.