V-Key, a mobile security and cryptography startup hailing from Singapore and California, has raised a series B round including investment from the operating company of Alipay.
Ant Financial now has a minority state in the startup, which was supported in the round by existing backer IPV Capital.
AV-Key’s technology will be used to secure Alipay’s online payment processing services as well as Alipay Wallet. Ant Financial also operates online investment fund Yu’e Bao, Zhao Cai Bao, a loans marketplace for small businesses, Ant Credit, and MYbank, where the technology could also have a place.
V-Key secures apps from attack even when the phones itself is compromised, and is already being used in “millions” of devices around the world, the company says.
The startup has an impressive founding team – serial entrepreneur Eddie Chau, senior IT executive Benjamin Mah, and mobile security expert Joseph Gan.
Alipay handles 80 million transactions a day, out of which 45 million are done through Alipay Wallet. Wallet has 190 million users who transact or transfer money at least once a year, the company says.
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