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.
