Verse, a Spanish application that could become the Cash App for Europe
Square, the company owned by the CEO of Twitter, Jack Dorsey, has acquired Fresh. A Spanish peer-to-peer payment app that works throughout Europe. Terms of the deal are yet to be disclosed. According to Crunchbase, Verse had raised $37.6 million from Spark Capital, eVentures, Greycroft Partners, and others.
Square has attracted a ton of users with the Cash App, its peer payment that allows you to easily send and receive money from your phone. But Cash App It has only been available in the US and UK. The acquisition seems like a good option to expand the presence in Europe. The Verse team will join the Cash App division within Square. There are many similarities between Cash App and Verse. The main feature of Verse is that it allows you to send and receive money from a mobile application. Users do not pay any fees and transfers happen in just seconds.
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Twitter CEO's company expands financial arm to Europe
Verse users sign in with their phone numbers, which means you can send money to other users as long as you have their phone numbers in your address book. If you do not have enough money in your Verse account, the application can load your debit card directly. And if you want to withdraw money from your Verse account, you can transfer your balance to your bank account.
More recently, Verse launched a Visa debit card in Spain, which allows you to spend money on your Verse account directly. You pay no currency exchange fees and receive two free ATM withdrawals per month. The Spanish application uses the Visa exchange rate.
Although the startup has not shared usage numbers for a while, according to App Annie, it is currently the 247th most downloaded application in the App Store in Spain in all categories. Peer payment is a fragmented market. For example, the French startup Lydia has 3 million users in France.
At this point, our top priority is to allow Verse to continue its successful growth in Europe. Verse will continue to operate as an independent business, working from its offices with no immediate changes to its existing products, customers or business operations..
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