PayKey, a Social Payment solution, has been announced as the Winner of the 2016 Agora Tel Aviv Fund Run. The competition recognises PayKey’s advanced technology that enables banks to provide their users with peer to peer payment options through any social and messaging platform, without compromising on speed, convenience or ease of use.
With implementation underway with leading banks in Europe, USA and South America, PayKey’s technology is already proving that banks and fintechs are increasingly working together to find new ways to improve customer convenience and user experience, leveraging the scale of large institutions and the agility of fintechs.
Second prize and the Fund Run Runner Up was won by Secret Double Octopus, the world’s first security solution that operates without encrypted keys or certificates.
The Agora Tel Aviv Fund Run was launched in 2016 to identity new solutions that bridge the divide between cybersecurity and digital identity in a way that enhances use and drives adoption of digital financial services.
The competition winner was judged by a high profile judging panel that included heads of cybersecurity from Cisco Systems, Intel, Harman, Barclays, Israel Innovation Authority and EY.
The Winner gets the $50,000 investment prize fund from Competition Sponsor Miratech Group, the runner-up receives workspace at Barclays Rise accelerator facility in Tel Aviv.
On winning the Competition, Daniel Peled, CEO of PayKey commented, “We are excited to win the Agora Fund Run competition. The only way to get users’ trust and engagement is to provide the best user experience coupled with the strongest security. PayKey’s solution enables banks to support peer to peer transactions just when they are needed most – when their users are engaged in social interactions.”
Fund Run Competition judge and CEO of Cisco Israel, Oren Sagi commented: “PayKey and Secret Double Octopus are great companies with great ideas. It was inspiring to be part of this competition and watch first-hand the emergence of innovative ideas, which change the way we live and do business. I was also happy to see the abundance of ideas presented by all the other contestants. Israel remains a center for ingenuity and creativity”
Sascha Ehrentraut and Simon Hardie, co-founders of the Agora Fund Run added: “It is our honour to congratulate personally both PayKey and Secret Double Octopus as the winner and runner-up of the inaugural Tel Aviv Fund Run. The quality and calibre of the entrants from across the world has been extremely high and is demonstrative of the quality and variety of startups and solutions being created in Israel and beyond. We look forward to following both companies’ success as they continue on their exciting journeys.”
About the Agora Tel Aviv Fund Run
The Agora Fund Run is a series of events taking place in the world’s leading fintech hubs, designed to uncover the most innovative companies at the cross section of cyber, digital identity and financial technology. Backed by fintech communications agency MagnaCarta Communications and technology transfer and outsourcing company Transfotech – Agora Fund Run aims to provide finalists and winners with new opportunities for growth and increased market exposure.