Singapore-based mobile payment solutions firm SpherePay on Tuesday announced that it has raised over $10 million from undisclosed investors in an effort to boost its expansion across Southeast Asia.
SpherePay claims to cater to over five million users across Southeast Asia and work with over 10,000 merchants in the region. As of December 2017, it said it had about 60,000 users in Singapore.
The company also announced that it will integrate bike-sharing platform oBike’s services and features into its own app. This will allow SpherePay and oBike users to access both services on either of the two apps.
The company, which had in December announced plans to expand to Indonesia and Thailand, is now eyeing a rapid expansion across Southeast Asia to Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam and Cambodia by the second quarter of 2018.
“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,” said Joseph Chen, CEO of SpherePay.
SpherePay’s new functions include the use of location-based services which will notify the users about any merchant deals happening near them. Other new features include payments that can be made to book events, pay for courses, classes, bills and other sorts of ticket payments.
Other leading digital payment solutions in Southeast Asia are GrabPay, owned by Southeast Asia’s ride-hailing giant Grab; Go-Pay by Indonesia’s Go-Jek; e-payment app NetsPay that was launched in October; and DASH, a mobile app that can be used for payments for transportation, money transfers and top-ups.