Singapore-based SpherePay is set for rapid expansion across Southeast Asia in a bid to elevate itself into one of the largest mobile payment providers in the region.
The company, which was only formed in 2017, secured $10 million in its latest funding round to fuel the growth plan. It aims to establish a presence in Malaysia, Thailand, Indonesia, Vietnam, Cambodia and the Philippines by the second quarter of 2018.
It currently counts 5 million users, a figure boosted by a partnership with the region’s largest cycle sharing service oBike. It also established a network of 10,000 merchants able to process payments from its app.
In additional to expanding geographically, the company is in the process of developing new features to boost transactions. These include location-based marketing facilities for merchants, bill payment, and ticketing for events, flights and hotels.
“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,” 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.”
The company did not disclose the identities of its latest investors.