Verse, the mobile app for person-to-person payments, has announced the closing of its new funding round worth $20.5M, or €18.5M, to expand into new countries, consolidate in existing ones, launch new products and continue to grow.
About Verse
See is a free application that allows two people to send and receive money instantly from their mobile phones. It also enables the creation of events and groups for joint payments, such as buying a gift together or paying for a dinner between several people.
The company was founded in 2015 by three young twenty-somethings: Borja Rosell, Álex Lopera and Darío Nieuwenhuis and with the help of a €1.4M round involving renowned investors such as ex-Tuenti Adeyemi Ajao, José María Fuster who came from the board of Banco Santander, Gonzalo de la Peña, Lánzame ...
In October 2016, Verse wanted to continue to grow and raised another round, this time for $8.3M, with investors such as Spark Capital, eVentures and Greycroft Partners. This round was aimed at expanding into Europe and expanding its team.
Now it is the turn of the third round of investment, this time for an unusual amount for such a young company in Spain, $18.5M. The round was again invested in by the US capital firms Spark Capital, e.ventures and Greycoft Partners.
"The future now is to grow and grow," said Rosell, who added that they are working to launch a series of products to monitor transactions related to businesses, although he reminded that they never charge users.
Although transactions are free between users in the same country. The business model is based on paying a small commission on transactions involving currency exchange. It is currently present in the 27 EU countries and, in addition to consolidating its presence in these countries, it wants to enter other European countries such as Switzerland and Norway.
A successful team
Part of the company's success lies in its brilliant team. Borja Rossell, the company's CEO, at 18 founded a company called Minerfactory through which he developed and sold thousands of devices that made Bitcoin mining easy and affordable. His company became the largest Bitcoin mining farm in Spain.
Alex Lopera, the COO, started working for technology companies in the internet industry at the age of 17. He is an expert in financing and venture capital.
Dario Nieuwenhuis, the CTO, is a computer engineer and algorithm expert. At the age of 17 he worked for Google Maps in Zurich. He has won gold and silver medals in the international computer science and mathematics olympiads.
The team is currently made up of 26 workers in Barcelona and expects to reach 35 by the end of the year.
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