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Singapore’s SpherePay app raises $10 Million in funding

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The operators of SpherePay, a Singapore-based mobile payment app, have raised more than US$10 million from investors, whose names not been disclosed “due to ongoing developments”.

The firm said the funding and a strategic partnership with oBike place SpherePay well to be among the top three payment platforms in Southeast Asia.
It currently serves five million users and has 10,000 merchants in the region.
SpherePay will integrate oBike’s operating system into its app so it can support all services available on oBike’s app, including its geofencing feature and crowdsourcing delivery service, oBike Flash.
“Since our inception last year, we have been making good progress to ensure that SpherePay will be one of the most highly utilised mobile payment apps in the region,” said chief executive Joseph Chen.
“The recent fundraising and partnership with oBike are testament to the commitment and rapid development of SpherePay. This partnership with oBike saw an immediate acquisition of over five million users in Southeast Asia and we are putting together new features that will bring even greater benefits to all our users.”
With the integration to be completed by March, users of oBike and SpherePay will be able to access both services on their preferred app.
Upcoming enhancements of SpherePay will include merchant-deals listings supported by LBS (location-based services). This means users will be notified of a deal available nearby and will also enable merchants to list their products and promotions on the SpherePay app at their convenience. Payment capabilities such as booking of events, courses and classes, paying for bills such as telco and utility bills and booking tickets such as cinema screenings, flights and hotels will be enabled later.
SpherePay announced in December plans to expand into Indonesia and Thailand.
It has now confirmed plans to rapidly expand throughout Southeast Asia, covering those countries and Singapore as well as Malaysia, the Philippines, Vietnam and Cambodia, by the second quarter of the year.

Published : January 30, 2018

By : The Nation