Local Silicon Beach start-up Kuapay has just secured a $4 million investment from a single private investor. The new funding comes from a private investor from the Chilean technology sector. According to inside sources, the investment will be put to use to fund the company’s aggressive global expansion plans.
Kuapay was founded by Joaquin Ayuso de Paul, a Spanish entrepreneur who sold his social network Tuenti to Telefonica for a clean $100 million.
Kuapay is an e-wallet application that includes customer loyalty programs. The app has a huge emphasis on safety. Its use is simple: cashiers just have to scan the QR code on the phone.
For those of you that missed it, Joaquin presented Kuapay’s mobile app technology during Silicon Beach Start-Ups App Demo Day in May.
Kuapay is based in Santa Monica, and 40 local merchants participate. There’s more to come: the company just signed a deal with the Southern California KFC franchise, which includes 100 locations.
Outside of the US Kuapay has offices in Chile and Spain, where it runs trials, as well as in Panama, Columbia, and the U.K. Kuapay plans to open offices in New York, Madrid and Hong Kong. From its product should concur worldwide markets, include Brazil, Canada, and China.