Singapore and California based mobile security start-up, V-Key has raised USD 12 million in Series B round led by Alibaba Group affiliate Ant Financial Services and China’s venture capital firm IPV Capital. Ant Financial now has a minority stake in V-Key, which makes security software for mobile apps. The company’s V-OS technology protects user data including identity verification and e-commerce transactions. V-OS technology is also deployed on millions on devices worldwide.
This new funding will go towards V-Key’s global expansion and further development to strengthen their Secure Element technology offerings. Also, V-Key and Ant Financial will make joint efforts to provide security technology to companies which need high level protection.
“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.
V-Key’s Secure Element Technology will provide security services that will be required by Ant Financial’s businesses, Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Credit and MYbank (under formation), to expand into the global financial services markets.
Alipay is currently a third-party online payment service provider in China and handles over 80 million transactions daily, 45 million of which are through mobile payment accounts.
In 2012, V-Key raised USD 4 million in Series A and brings the total capital of the company to date is USD 16 million. The company was founded by Benjamin Mah & Joseph Gan and consists of 11-50 employees in its current team.