Obopay gets a $20 million payday
Saturday, April 26th, 2008 by admin
Yesterday, I talked to some tech vets about mobile payments. While there has been lots of traction in overseas markets — especially Asia — it’s still pretty tough in the U.S. Hey, when it comes to making payments, it seems that credit and debit cards work pretty well.
Despite this, a variety of mobile payments companies are still trying rev things up. And one is Obopay, an early pioneer in the space. In fact, this week the firm announced that it snagged $20 million in venture funding.
So why Obopay? Well, the firm realizes that it can’t take a “go-it-alone” strategy. Instead, it has been effective in putting together key strategic alliances. For example, some of its investors include Essar Communications Holdings Limited, Richmond Global Cellular, and Citigroup (NYSE: C).
Oh, and some of the company’s employees have invested in the latest round of funding — of course, using their mobile Obopay accounts.
Tom Taulli is the author of various books, including The Complete M&A Handbook (www.mergerbook.com) and is also a principal in Averiware, which provides an ERP system to small and mid-size businesses.