Square acquired Verse, a Spanish peer-to-peer payment app that works across Europe. Regards to the deals are concealed. According to Crunchbase, Verse had raised$37.6 million from Spark Capital, eVentures and Greycroft Partners and others.

Square has actually drawn in a lots of user with Cash App, its peer-to-peer payment app that lets you easily send out and receive money from your phone. However Money App has actually only been offered in the U.S. and the U.K.

Getting Verse looks like a good fit to broaden Square’s presence in Europe. Verse’s team will sign up with the Money App department within Square.

There are many resemblances in between Cash App and Verse. Verse’s highlight is that it lets you send out and get money from a mobile app. Users don’t pay any transfers and fees happen in simply a couple of seconds.

Verse users sign up with their telephone number, which suggests that you can send out cash to other users as long as you have their telephone number in your address book. The app can charge your debit card straight if you do not have enough cash on your Verse account. And if you want to withdraw money from your Verse account, you can transfer your balance to your bank account.

You can also track group costs from the app (like Splitwise), create cash pots and organize events with a fundamental ticketing feature.

More just recently, Verse launched a Visa debit card in Spain, which lets you invest money on your Verse account straight. You do not pay any forex fees and you get two free ATM withdrawals monthly. Verse utilizes Visa’s exchange rate.

While the start-up hasn’t shared usage number for a while, according to App Annie, it is currently the # 247 most downloaded app in the App Shop in Spain across all categories. Peer-to-peer payment is a fragmented market. French start-up Lydia has 3 million users in France.

“At this moment, our main priority is making it possible for Verse to continue their successful development in Europe. Verse will continue to run as an independent company, working out of their workplaces without any immediate changes to their existing items, customers, or organisation operations,” Square wrote in the announcement.

The 3 crucial words in this statement are “at this point”. Square does not want to repair what isn’t broken. However I would not be surprised if Verse slowly evolves to become Money App in Europe.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.