Tinypay: PayPal's new competition

A new rival has emerged for payment service providers: Tinypay, a Dutch company, is the latest e-commerce service provider - and the latest rival to more established companies like PayPal.

The company has raised $1mn from Aksoy Internet Ventures with the aim of expanding globally.

Tinypay is one of the most recent companies to be taking on PayPal.

Tinypay consumers can share products via the internet and can receive instant payments directly in their PayPal accounts.

On 22 August, Electronic Payments reported that iZettle, a new payment acceptance provider from Sweden, was aiming to take on the likes of Square and VeriFone with and EMV-compliant payments app.

Taner Aksoy, chairman of Aksoy Internet Ventures said:

 "We are proud to support Tinypay with our vision and experience as well as funding. As founders of sahibinden.com, the #1 classifieds and e-commerce platform in Turkey, we are very excited being part of this game changing team in e-commerce. We are certain that Tinypay will be a big hit globally."

Tinypay is now moving its headquarters to Silicon Valley and is targeting a global expansion from there.