Electronic payments specialist i-Pay has secured R10m in venture capital funding from Kalon Venture Partners, which it intends using to expand to other countries outside South Africa.
The company, which facilitates bank-to-bank automated and instant electronic funds transfers, was launched in November 2014 by Thomas Pays, Mitchan Adams and Lyle Eckstein to offer an efficient and secure online payment system in the local market.
It offers automated bank-to-bank transfers, removing the administrative burden faced by consumers when making a manual electronic funds transfer (EFT) payment. In effect, it is an EFT processor that allows for funds to be transferred between banks directly into a merchant’s bank account in real time using banks’ Internet banking functionality.
i-Pay acts as a proxy between the buyer and the bank to facilitate the payment process between buyer and seller. Online banking login details are not stored by the company.
Kalon Venture Partners CEO Clive Butkow said i-Pay has a strong local team, an established track record and disruptive technology that can be expanded internationally.
Kalon said it invests in post-revenue start-ups with high growth potential. — © 2017 NewsCentral Media