Tel Aviv-based fintech PayKey, which won Best of Show in its Finovate debut at our London conference in 2019, announced the availability of its new embedded banking solution this week. The offering leverages PayKey’s smartphone keyboard to enable users to manage investments and apply for personal loans directly without having to leave their WhatsApp, Facebook, Instagram, or Twitter app. PayKey’s embedded solution allows users to simply tap on their banks’ logo within the mobile keyboard and get instant access to their investment portfolios – as well as the ability to balance checks, pay bills, and make P2P payments – as seamlessly as a text chat.
“Embedded solutions like PayKey’s keyboard are vital to helping banks engage with customers at the right time and with personalized products,” said company CEO Sheila Kagan. “Investments and personal financing are just the beginning and we’re excited to continue expanding our embedded keyboard solution in the future to help banks support their customers financial health even further.”
The company sees the new functionality as a timely addition given the surge of interest in stock trading, most recently evidenced by the Reddit/Gamestop/Robinhood market frenzy early in the month. The offering also takes advantage of the embedded finance trend of enabling users to access a wider range of functionalities from a singular app or interface. The result is a smoother, more seamless experience, and a way for technology innovators to provide more features that customers want without overly complicating the process to access or use them.
PayKey’s technology has gone live with more than 20 leading banks around the world, including ING and Unicredit. Standard Chartered Bank Korea announced that it was launching the new solution within its SC Mobile Banking app back in August.
Founded in 2014 by Daniel Peled and Offer Markovich, PayKey has raised more than $26 million in funding.