News:

V-Key receives US$12M in Series B Funding from Ant Financial Services group investment

SINGAPORE: Ant Financial Services Group (Ant Financial), operating company of Alipay, and existing investor venture capital firm, IPV Capital, make a USD12 million Series B investment for a minority stake in V-Key.

V-Key is the inventor of the V-OS, a multi-layered Secure Element technology that provides hardened security for mobile solutions while simplifying mobile identity, data and e-commerce transactions. Since its launch, the company has won multiple awards and secured the interest and strategic partnership of many global players in the financial payments space.

V-Key’s first-of-its kind V-OS and V-Guard solutions align well with Ant Financial interests. V-Key’s Secure Element Technology will provide the ease of convenience and hardened security that will be required as Ant Financial’s businesses, Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Credit and MYbank (under formation), expand their reach into the global financial services markets. Alipay is currently the largest third-party online payment service provider in China by total payment volume. Alipay handles over 80 million transactions daily, 45 million of which are through mobile payment accounts.

“V-Key’s all-in-one virtual secure element technology is in line with Alipay’s commitment to creating a safer, more convenient global transaction environment,” said Jason Zhu, Head of the Alipay investment team. “With global mobile payment transactions on the rise, mobile identity and data protection on numerous types of mobile devices and operating systems globally remains paramount, in addition to their ease-of-use and convenience.”

V-Key’s V-OS technology is currently deployed on millions of devices throughout the world. The Series B funding will go towards V-Key’s global expansion and further development to strengthen their Secure Element technology offerings. Currently, V-Key has offices in the US, and Singapore. V-Key and Ant Financial will make joint efforts to provide security technology to companies which need high level protection.

“We are pleased to join the Ant Financial investment portfolio, and are excited to be part of security technology providers to their various companies in powering mobile identity and securing transactions. AliPay is one of the most dynamic players in the payments market today and we appreciate the confidence that Ant Financial and IPV Capital have in our solutions and strategic direction,” said Benjamin Mah, Co-Founder and CEO for V-Key. “This investment will allow V-Key to accelerate key strategic initiatives and cement our position as a mobile virtual secure element leader.”
  

About Ant Financial Services Group

Formally established in October 2014, Ant Financial Services Group is focused on serving small and micro enterprises as well as general consumers. With the vision of “to turn trust into wealth,” it is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Credit and MYbank (under formation).

About IPV Capital 

IPV Capital is an early growth venture capital fund that invests in high-growth technology sectors including software, cleantech, technology services and semiconductor. With offices in Beijing, Shanghai and Silicon Valley, IPV Capital brings its wealth of management and technology development experience to mentor a new breed of entrepreneurs with global aspirations. The IPV Capital team has a solid track record in successfully growing technology startups in China and beyond, making it the ideal go-to partner for investment in the country. For more information, see www.ipvcap.com.

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