i-Pay, a South African payment startup has gotten funding from Kalon Venture Partners to expand and broaden their operations.
This investment in i-Pay was said to be granted to help the startup to expand its services into several other countries on the planet and it will make easy the process of bank-to-bank automated and instant electronic funds transfers (EFTs).
Kalon’s chief executive officer (CEO) Clive Butkow, said, “Globally, many traditional ways of doing banking are being challenged and i-Pay is a true innovator in this space – in our view, the company is at least 10 times better than any other EFT company we’ve seen. We are delighted to have concluded this transaction and are looking forward to seeing the firm’s potential realised.”
In a bid to secure an efficient and secure online payment system in the local market, Thomas Pays, Mitchan Adams and Lyle Eckstein, launched the i-Pay instant payment system in November 2014.
Thomas Pays said, “As innovators, we have consistently been passionate about developing cutting-edge products and services that will both disrupt and benefit the local populace. In this regard, we realised there had to be a more frictionless and safer ways of facilitating online payments.”
“While we viewed EFTs as a much safer payment mechanism for consumers, the main drawback with EFTs was the lengthy and inefficient process that needed to be undertaken in making a payment. We decided to develop the concept of automated bank-to-bank transfers and our goal was for this to happen within a few seconds, thus removing the administrative burden often faced by consumers when effecting an EFT manually.”
Stating that i-Pay has actually met with some difficulties but has been able to scale out by providing a software that in all essence is marketable as a payment system in the global market.
“The investment of Kalon Venture Partners thus has the positive effect of accelerating i-Pay’s expansion into key markets across the globe,” Pays said.