i-Pay receives capital funding from Kalon Venture Partners

i-Pay startup project received a financial support of R10 million from Kalon Venture Partners to help it expands its activities outside South Africa. i-Pay offers bank to bank instant and automatic electronic money transfers. The platform was initiated in November 2014 by Thomas Pays, Mitchan Adams, and Lyle Eckstein to help in efficient and secured online payment system in the local market.

The company prevents the customers from relying on the long queues for manual bankings. The company makes bank-bank money transfer more automatic. The electronic fund transfer (EFT) processor allows money to be transferred from one bank to merchant’s bank account at the right time using banks’ internet banking functionality.

The platform acts as a link between buyer and the bank to facilitate payments. The online banking details are owned by private bankers hence not at the company’s disposal. Kalon CEO lauded the partnership by saying that i-Pay has a strong local team a good track record and strong technology which can be expanded internationally.