Social payments app Verse scoops up $20.5m

Ben Heathcote

In App Deals. May 31, 2017

Social payments app Verse has successfully secured $20.5 million in fresh funding. The round was led by US venture capital firm Spark Capital, together with e.ventures and Greycoft Partners.

Verse was founded at the end of 2015 by Spanish entrepreneurs Borja Rossell, Álex Lopera and Dario Nieuwenhuis. This is the Barcelona-headquartered company’s third funding round, having secured $1.8 million in early 2016 and $8.3 million in October of the same year.

The free app, which is available for iOS and Android devices, enables users to send and receive money instantly through their mobile phones. In addition to payments between two people, it also 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.

Since launching in early 2016, Verse has enjoyed “exponential growth in all areas” and is now available in 27 countries, with a goal to become the leading payment method among millenials in Europe.

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, added:

“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.”