WoraPay raises funding to provide infrastructure platform for mWallets

Wednesday 23 July 2014 08:13 CET | News

WoraPay, a Lithuanian startup, has raised a seed funding from Entrée Capital for further expansion in Central and Eastern European region.

Following clearance by the National Bank of Lithuania, WoraPay is set to invest in technology and add new mWallets and merchants to its payment infrastructure platform.

WoraPay is not a mobile wallet itself, but rather a mobile acquirer who builds a network of merchants for the mWallets: banks, telecommunication operators and payment service providers. WoraPay currently operates in the Baltics and provides mobile payment solutions for restaurants, petrol stations, taxis, entertainment arenas and sales of tickets.

The company has also deployed solutions for donation collections and provides analytical services for small and medium enterprises.

WoraPay solution integrates with POS software providers to build QR code solutions at merchant locations. With this integration, any mWallet on the platform can be used to pay a bill.

There are more than 150 supported merchant locations in the Baltics. Lukoil petrol station chain is among the largest customers of WoraPay.

WoraPay is a mobile payments system for financial institutions and mobile wallets which enables payment for goods and services. The company was founded by Aurimas Bakas, Vaidas Adomauskas and Nerijus Celkonas in Lithuania in 2012. Worapay is used by wallets such as Paysera, Medicinos Bank, Moblet and other financial institutions and mwallets in Central and Eastern Europe.

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Keywords: WoraPay, funding, infrastructure platform, mWallets, mobile wallet, Lithuania, Europe, Baltics, QR code, mPOS
Categories: Payments & Commerce
Countries: World
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