Double digit funding
Copycat innovators the Samwer brothers from Rocket Internet have pulled together “double digit funding” for a new project replicating Square from New Enterprise Associates, Ru.net and Holtzbrinck Ventures. PayLeven (formally known as ZenPay) is a small dongle that fits into the top of an iPhone or iPad enabling people to make payments by reading the magnetic strip on the cards – an exact copy of Square.
The amount is being dubbed “double digit millions” at the moment. PayLeven will compete with iZettle, which just received USD31 million to push into new countries and Square, which annually processes USD5 billion in payments.
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