Verse, a Barcelona, Spain- and San Francisco, CA-based mobile payment platform, raised $20m in Series B funding.
The round was led by Spark Capital.
The company intends to use the funds to continue to expand its platform and grow operations.
Led by Borja Rossell, Alex Lopera and Dario Nieuwenhuis, Verse provides a mobile app that allows people to send and request money for free. They can register using their mobile phone number and link the app with a card to send money to any of their phone contactss.
To instantly send and request money, the user enter an amount and tap send or request, select a contact or enter the mobile phone number of the recipient, add a note that explains the payment or request and confirm the transaction.
The iOS and Android app also enables users to quickly transfer the Verse balance to a bank account in two business days.