Verse grabs $20.5M to take the p2p payments play over Europe

Social payments app Verse has sealed a $20.5 million Series B turn of appropriation from a existent investors. The turn is led by Spark Capital, with eVentures and Greycroft Partners also participating. It lifted a Series A in Oct final year, when it took in $8.3M.

At a time it was gunning to be a Venmo of Europe. The new appropriation will be put towards pushing beyond that, with a initial launches planned outward Europe — expected in Brazil, Colombia and Mexico, says co-founder Alex Lopera.

Currently a app is live in 27 countries. Verse will be adding two more European countries (Switzerland and Norway) with this appropriation too.

“Consolidate a markets where Verse already has a presence, launch in non-European markets and build an extraordinary engineering group in a payments industry” is Lopera’s concise outline for spending the Series B funds.

Last fall the app had amassed around 550,000 users, opposite Android and iOS, after soft launching in Feb 2016.

Lopera won’t yield an refurbish on user numbers at this point, as he says a team is entrance to a finish of a two-year routine of receiving an Entity of Payment permit for Verse — so wants to wait until it’s upheld that regulatory jump before creation new total public. He will usually contend it has “a lot” of users, and that it’s “been flourishing 30 per cent month-over-month”.

One component he says has helped boost use is a new launch of a feed within a app (he describes it as “very identical to Venmo”) that lets users see what their friends are adult to formed on their Verse transactions.

“It’s a fun and easy approach to keep orderly and stay connected,” he says. “There’s a World and Friends feed so you’re means to see on a feed a users that are pragmatic on a transaction and a transaction criticism though not a amount.”

Another amicable further that’s assisting to expostulate growth is an Events underline that lets people share losses for an arriving eventuality right off a bat — such as for formulation a BBQ or doing a whip round to buy a birthday gift.

Who are Verse users? Lopera confirms a commission-free p2p payments app is “predominantly” being used by millennials. While a best markets now are in southern Europe; namely Spain, Italy and Portugal, according to Lopera. He also lists France and a UK as other markets where it’s removing traction.

Commenting on a Series B in a statement, Alex Finkelstein, ubiquitous partner during Spark Capital, said: “They have surpassed my expectations including product execution and growth-related milestones. This is a young, product-focused group that is spooky with formulating a form of consumer product knowledge that creates clarity for their era that comparison banking institutions onslaught to provide.”

Other amicable payments competitors personification in Europe embody a likes of Lydia, Circle, and N26 with a MoneyBeam offering.

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Posted by on May 17 2017. Filed under NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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