SpherePay raises US$10 million after funding round

It also partnered with oBike which boosted its userbase to over 5 million.

SpherePay, a homegrown mobile payment app from Singapore, has completed a US$10-million funding round from unnamed investors.

The capital infusion comes after the OPG Asia Pte Ltd-developed app announced it is seeking to expand to Indonesia and Thailand last December.

Now, with the completion of the funding round, SpherePay says it will rapidly expand its services to cover the Philippines, Vietnam, and Cambodia by the second quarter of this year.

SpherePay, in December 2017, forged a strategic partnership with oBike, which saw its number of users spike to over 5 million.

oBike is Southeast Asia's biggest bike sharing company.

"Our completion of the recent fundraising coupled with the strategic partnership with oBike, are testament to the commitment and rapid development of SpherePay. This partnership with oBike saw an immediate acquisition of over 5 million users in South East Asia and we are putting together new features that will bring even greater benefits to all our users." says SpherePay Chief Executive Officer Joseph Chen.

The SpherePay-oBike integration is expected to be completed by March 2018.

The partnership will allow users to access both firms' services on either app.

For SpherePay, this means being able to support all of oBike's services, including its geofencing feature and crowdsourcing delivery service, oBike Flash, in its app.

SpherePay users will also be able to scan, unlock oBike bicycles, and even book for deliveries via SpherePay.

With the recent developments, SpherePay is in a good position to be one of the top payment platforms in Southeast Asia.

"Since our inception last year, we have been making good progress to ensure that SpherePay will be one of the most highly utilised mobile payment apps in the region," adds Chen.

Boasting over 10,000 merchants, SpherePay is also expected to roll out a merchant deals listing which uses Location Based Services (LBS) this year.

This will enable SpherePay users to be notified of merchant deals happening near them via the app.