China’s Alipay, VC back mobile tech specialist V-Key

Ant Financial Services, the operating company of Alipay, has taken a minority stake in the company, according to a statement. IPV provided $4 million in a Series A round in 2012.

V-Key provides user-friendly technology solutions to protect data including identity verification and e-commerce transactions on mobile devices. Its V-OS technology is already deployed on millions of devices throughout the world.

V-Key's technology will be used in Ant Financial's businesses, including Alipay, Alipay Wallet, Yu'e Bao, Zhao Cai Bao, Ant Credit and Mybank. Alipay, the largest third-party online payment provider in China, plans to expand its reach globally. The platform handles over 80 million transactions daily, 45 million of which are via mobile devices.

"V-Key's all-in-one virtual secure element technology is in line with Alipay's commitment to creating a safer, more convenient global transaction environment," said Jason Zhu, head of the Alipay investment team. "With global mobile payment transactions on the rise, mobile identity and data protection on numerous types of mobile devices and operating systems globally remains paramount, in addition to their ease-of-use and convenience."

The new funding will be used for global expansion and product development.

Operating offices in Beijing, Shanghai and Silicon Valley, IPV Capital is an early growth venture capital fund that invests mainly in technology sectors, including software, cleantech, technology services and semiconductor.

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• Topics
• Greater China
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• Alibaba Group
• IPV Capital
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