CyberPay, a mobile payment platform owned by eBay, has secured a $1 billion loan from the US government.
The financing is to cover “capital expenditure for a strategic business plan and other business-specific needs,” the company said.
CyberPay was founded in 2014 as a platform for payments on mobile devices and has since grown to become the third-largest mobile payments platform in the world, according to research firm App Annie.
Its mobile payments service, which is still in beta, offers $20 in cash for a $10 deposit to select customers on the popular mobile payment app.
It is the second-largest of the three top-grossing mobile payment platforms, behind PayPal.
Cybersource is the US-based payments provider that also operates the popular popular Paypal.
The company’s parent company, US Payments, has been acquired by eBay in 2015.
In a blog post on Friday, the company called the financing a “significant milestone for CyberPay and our community”.
The company’s website now states that it expects to open the service in 2021, although it will not be available to US residents until 2023.
Cybertip is the only payment service in the US with a mobile deposit option.
The company has said it has invested $3.5 billion in the venture, adding that it has already spent $1.5bn on capital over the past six years.
It has also signed a deal to offer digital currency payments, the Verge reported.
Cybotsub has been working to bring more people online to pay by mobile, with the aim of creating a payment network for people who have not yet used PayPal or other payment systems.