ASEAN KEY DESTINATIONS
SpherePay, Singapore’s Homegrown Mobile Payment App Raises Over USD 10 Million in Funding
On track to become Southeast Asia's Biggest Mobile Payment Platform
Funding and affirmation of strategic partnership with oBike
Acquired over 5 million users in Southeast Asia
SINGAPORE - Media OutReach - 30 January 2018 - SpherePay, Singapore's homegrown mobile payment app, announced today that it has completed its fundraising exercise which saw the company raising over USD 10 million. It has not disclosed the name of investors due to on-going developments.
With this latest round of funding and the affirmation of its strategic partnership with oBike since last December, SpherePay is well-placed to be the top three payment platforms in Southeast Asia. It currently serves over five million users and has more than 10,000 merchants in the region.
Last year, SpherePay announced its strategic partnership with oBike, Southeast Asia's largest bike sharing operator. In a move that is set to deepen its partnership, SpherePay will integrate oBike's operating system into its app. This means that SpherePay will be able to support all services available on oBike's app including its geofencing feature and crowdsourcing delivery service, oBike Flash.
"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. Our completion of the recent fundraising coupled with the strategic partnership with oBike, are testament to the commitment and rapid development of SpherePay. This partnership with oBike saw an immediate acquisition of over 5 million users in South East Asia and we are putting together new features that will bring even greater benefits to all our users." said Mr Joseph Chen, CEO of SpherePay.
With the launch of this integration which will complete by March 2018, users of oBike and SpherePay will be able to access both services on their preferred app. oBike users can now log in to SpherePay from their oBike account. Similarly, SpherePay users can scan, unlock oBike bicycles, and even book for deliveries via SpherePay.
Upcoming enhancements of SpherePay will include new features like merchant deals listing which will be supported by a LBS (Location Based Services). This means that users will be notified of a merchant deal happening near them. This new function will also enable merchants to list their own products and promotions in the SpherePay app at their convenience. Other new functions that will be introduced in SpherePay will be the addition of payment capabilities such as booking of events, courses and classes, paying for bills such as telco and utility bills and booking of tickets such as cinema, flight or hotels in the later stage of developments.
While SpherePay has recently announced its regional expansion plan to Indonesia and Thailand last December, the company has now confirmed a bigger plan to rapidly expand throughout South East Asia covering Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam and Cambodia. The target date to complete this expansion plan is by second quarter of 2018.
About the Company:
SpherePay is developed by OPG Asia Pte Ltd, a company founded in Singapore in 2017. OPG is the world's leading provider of financial innovation and payment services. The company is committed to the development of electronic business and operations to improve the operational efficiency of the society.
With the support of cloud computing, OPG have developed SpherePay which is a mobile application with secured online payment, fund management and consumer finance. OPG ensures that all data are being protected and secured. This allows consumers to have a fast, hassle free and convenient experience, and ensure our merchant partners have a safe, reliable and efficient payment gateway platform.
Launched in Singapore in November 2017, SpherePay has quickly grown its footprint and acquired over 60,000 users in Singapore by December 2017. SpherePay aims to be among the fastest growing mobile payment app in South East Asia.
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