Verse, the mobile app for payments among contacts, has just announced the closure of a new funding round of $20.5 million. Spark Capital leads the operation, together with and Greycoft Partners, three US venture capital companies that have decided to renew their commitment to the company through an additional investment.

Verse was founded at the end of 2015 by three young entrepreneurs from Spain: Borja Rossell, Álex Lopera and Dario Nieuwenhuis. For its launch in early 2016, the company secured a capital injection of 1.8 million dollars and, in October of the same year, it closed another round worth 8.3 million dollars to boost its growth. After this new investment, Spark Capital becomes one of the major shareholders of Verse together with its founders, who maintain the majority of shares.

The company presented its plans for the future during an event that took place today at its headquarters in Barcelona. The goal of Verse, which app is currently available in 27 countries, is to become the leading payment method among millennials in Europe. Since its launch, the app has registered an exponential growth in all areas. Among its plans, the company may offer merchants the option to use Verse as a payment gateway. It also plans to offer companies technological solutions that respond to advanced payment needs.

In his remarks, Borja Rossell, co-founder and CEO of Verse, said: "We believe we can establish great synergies with our investors and that this alliance will allow us to continue growing as a company. 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."

Alex Finkelstein, General Partner at Spark Capital, has stated that: “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. This is a young, product-focused team that is obsessed with creating the type of consumer product experience that makes sense for their generation that older banking institutions struggle to provide.”

The future of payment methods

During the event, the founders of Verse shared their vision about the future of payment methods, a sector in continuous growth and evolution.According to Alex Lopera, co-founder and COO of Verse: "Technological advances applied to our sector have led to simpler, more comfortable and safer payments. The penetration of payments through smartphones is a global trend. We believe the millennial generation will encourage electronic payments through apps such as ours."

Verse also anticipates that technologies like the one used in its platform will demonstrate great growth within the fintech sector. The company uses Blockchain technology for payment management, which eliminates intermediaries during transactions so that money passes from one contact to another directly and immediately. In this way, it avoids any type of intervention, offering greater security in the process.

Verse is a free and commission-free app that enables users to send and receive money instantly through their mobile phones. In addition to payments between two people, it has a social component that permits users to create events and groups for common payments, such as buying a joint gift, paying a dinner among several people or sharing trip expenses, among others. "Our goal was to simplify the process of sending and receiving money and we wanted it to become something as simple as sending a Whatsapp," says Lopera.

One of the main app’s attributes is its usability. Verse users only need to indicate the amount of money and choose the contact from the phone list or from Facebook. In case it is the first time a payment is made and there is no balance, the app will ask for a credit or debit card. The money is immediately received in the destination account, which can be used again for payments through Verse or to be entered into a bank account.

About Verse

Verse is a free app that enables people to make payments quickly, simply and without commissions.

The company was founded in late 2015 by Borja Rossell, Alex Lopera and Dario Nieuwenhuis, three young Spanish entrepreneurs. Currently, the application has versions for iOS and Android and is available in 27 countries.

With headquarters in Barcelona, the company is formed by a team of professionals of 25 people.

More information:

Source of Press Note in English: Verse

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