V-Key raises $12m in Series B from Alipay arm

V-Key booth at RSA Conference 2013.

Singapore based mobile security and cryptographic tech company V-Key Inc will be raising $12 million in Series B funding from Ant Financial Services Group (Ant Financial) which is the operating company for Alipay; and VC firm IPV Capital, the company said an official statement .

Ant Financial will be taking a minority stake in the firm.

V-Key, which provides technology for mobile security while simplifying mobile identity, data and e-commerce transactions, will use these funds for global expansion and strengthening of its secure element technology offerings, the company added.  Currently, V-Key has offices in the US, and Singapore.

The investment aligns well with Ant Financial businesses, which includes Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Credit and MYbank (under formation). Alipay is currently the largest third-party online payment service provider in China by payment volume and handles over 80 million transactions a day, 45 million of which are through mobile payment accounts. “V-Key’s all-in-one virtual secure element technology is in line with Alipay’s commitment to creating a safer, more convenient global transaction environment,” said Jason Zhu, head of the Alipay investment team.

IPV Capital, which is already an existing investor in V-Key, is an early growth venture capital fund that invests in high-growth technology sectors including software, cleantech, technology while  services and semiconductor

“We are pleased to join the Ant Financial investment portfolio. AliPay is one of the most dynamic players in the payments market today and we appreciate the confidence that Ant Financial and IPV Capital have in our solutions and strategic direction,” said Benjamin Mah, co-founder and CEO for V-Key. “This investment will allow V-Key to accelerate key strategic initiatives and cement our position as a mobile virtual secure element leader,” he added.

Image credit: V-Key on Twitter.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.