Social payments app Verse has closed a $20.5 million Series B round of funding from its existing investors. The round is led by Spark Capital, with eVentures and Greycroft Partners also participating. It raised its Series A in October last year, when it took in $8.3M.
At the time it was gunning to be the Venmo of Europe. The new funding will be put towards pushing beyond that, with its first launches planned outside Europe — likely in Brazil, Colombia and Mexico, says co-founder Alex Lopera.
Currently the app is live in 27 countries. Verse will be adding two more European countries (Switzerland and Norway) with this funding too.
“Consolidate the markets where Verse already has a presence, launch in non-European markets and build an amazing engineering team in the payments industry” is Lopera’s concise summary for spending the Series B funds.
Last fall the app had amassed around 550,000 users, across Android and iOS, after soft launching in February 2016.
Lopera won’t provide an update on user numbers at this point, as he says the team is coming to the end of a two-year process of obtaining an…