Singapore-based mobile payments app SpherePay raises over US$10M funding
The app enables users to link all their credit/debit cards into one app and pay for their purchases at its merchant outlets by simply scanning a QR code
Singapore’s homegrown mobile payment app SpherePay today announced that it has raised over US$10 million in a funding round from a group of undisclosed investors.
SpherePay, which in December last year announced its regional expansion plan to Indonesia and Thailand, now intends to cover other parts of the region, including Singapore, Malaysia, the Philippines, Vietnam and Cambodia by the second quarter of 2018.
Launched in November 2017, SpherePay (run by OPG Asia Pte Ltd) is an integrated mobile app that allows cashless transactions for consumer to businesses and peer-to-peer fund transfers. The app enables users to link all their credit/debit cards into one app and pay for their purchases at its merchant outlets by simply scanning a QR code. The platform also enables users to access its ‘buy now pay later’ function.
Last year, the fintech firm announced a strategic partnership with oBike, one of Southeast Asia’s largest bike sharing operators. SpherePay will integrate oBike’s operating system into its app. This means that SpherePay will be able to support all services available on its app, including its geofencing feature and crowdsourcing delivery service, oBike Flash.
With the launch of this integration which will complete by March 2018, users of oBike and SpherePay will be able to access both services on their preferred app. oBike users can now log in to SpherePay from their oBike account. Similarly, SpherePay users can scan, unlock oBike bicycles, and even book for deliveries via SpherePay.
Upcoming enhancements of SpherePay will include new features like merchant deals listing which will be supported by a LBS (location-based services). This means that users will be notified of a merchant deal happening near them. This new function will also enable merchants to list their own products and promotions in the SpherePay app at their convenience.
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Other new functions that will be introduced in SpherePay will be the addition of payment capabilities such as booking of events, courses and classes, paying for bills such as telco and utility bills and booking of tickets such as cinema, flight or hotels in the later stage of developments.
Currently, it claims to be serving over five million users and has more than 10,000 merchants in Southeast Asia.
“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. 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 Southeast Asia and we are putting together new features that will bring even greater benefits to all our users,” said Joseph Chen, CEO of SpherePay.
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