Verse raises $20.5m in fresh investment round

Barcelona-based mobile payment app Verse has secured $20.5m in fresh round of funding to expand its presence.

Verse raises $20.5m in fresh investment round

The new funding round was led by three US-based venture capital firms – Spark Capital, and Greycoft Partners.

The company plans to offer merchants the option to use Verse as a payment gateway as well as technological solutions that respond to advanced payment needs.

Founded in 2015, Verse enables users to send and receive money instantly through their mobile phones. The platform also allows users to create events and groups for common payments. It operates in 27 countries.

The company initially secured an investment of $1.8m in early 2016 for its launch and another round worth $8.3m in October of the same year.

Verse co-founder and CEO Borja Rossell said: “Spark Capital has numerous cases of successful investments in companies such as Twitter, Slack and Tumblr, among others. This extra capital injection will allow us to accelerate our expansion plans in the European Union and to attract new talent to that end.”

Spark Capital general partner Alex Finkelstein said: “In the short time that I’ve had the privilege of working with them, I have been completely blown away by their progress. They have surpassed my expectations including product execution and growth-related milestones.”

Verse co-founder and chief operating officer Alex Lopera said: “The penetration of payments through smartphones is a global trend. We believe the millennial generation will encourage electronic payments through apps such as ours.”