Kuapay lands USD4 million for mobile payments app

Private investor from the Chilean technology sector

Kuapay, a Santa Monica-based global mobile payments company, has secured a USD4 million cash injection from a single, private investor from the Chilean technology sector.

The startup’s mobile wallet app allows people to store their bank cards on their smartphones and make purchases using QR codes, which are scanned at the point of service. Set up by Joaquin Ayuso de Paul, Spanish social network Tuenti’s co-founder, the company also adds a social gaming element to the app with the chance to win badges and earn real money by scanning friends’ Kuapay QR codes.

Outside the US, the company has offices in Chile, Spain, Panama, Columbia and the UK. Kuapay will channel the fresh funding into its aggressive international expansion, with plans to open offices in New York, Madrid and Hong Kong.

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