Singapore-based mobile payment firm SpherePay has secured $10m in its latest funding round as it looks to expand across Southeast Asia.
The company, which was founded in 2017, is in the process of boosting its capabilities to support ticketing for events, flights and hotels, as well as location-based marketing facilities for merchants, and bill payment.
SpherePay will spend the money on facilitating its rapid expansion into Malaysia, Thailand, Indonesia, Vietnam, Cambodia and the Philippines by the second quarter of 2018.
As it stands, the firm reportedly has five million users, which was recently boosted by its partnership with the region’s largest cycle sharing service, oBike.
“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,” chief executive Joseph Chen said.
“Our completion of the recent fundraising coupled with the strategic partnership with oBike, are testament to the commitment and rapid development of SpherePay.”
The identify of SpherePay’s investors was not disclosed.