Moneta Seeds announced today the closing of its investment in Social group payment startup – Paybox. PayBox (www.payboxapp.com), a social payment platform that simplifies the process of group payments, was designed for millennials based on the understanding that there is a lack of proper tools to handle the complexity and diversity of group payments which is everything from collecting money for hen do/stag do, pizza night, sharing flatmates expenses, after school activities/PTAs all the way to donations and charities. People commonly define PayBox as WhatsApp for payments or a dynamic checking account for groups.
Moneta’s investment followed the successful pilot of the company’s solution in Israel, with 20,000 users and over 10M NIS of transaction. In a recent Fintech contest managed by Bank Hapoalim, PayBox was named “The most promising fintech startup in Israel”.
As part of the investment, Moneta manager – Adoram Gaash, has joined the Board of Directors.