SpherePay, the Singapore-based mobile payments app, has raised USD 10 million in funding from unnamed investors.
The company said that the names of the investors were not revealed owing to “on-going developments”.
According to SpherePay, the latest fundraising along with its collaboration with bike sharing operator oBike will position it as the top three payment platforms in Southeast Asia.
By integrating with oBike, SpherePay will offer its users access to services on oBike’s app such as geofencing and crowdsourcing delivery service oBike Flash. The integration is scheduled to be concluded in March 2018. Meanwhile, SpherePay also plans to upgrade its app by adding merchant-deals listings feature supported by location-based services (LBS). The mobile app will eventually also add other payment capabilities for booking of events, courses and classes, paying for bills such as telco and utility bills and booking tickets.
More than that, SpherePay also unveiled plans to expand across Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam and Cambodia. The expansion is slated to be completed by the second quarter of 2018.