Obopay Received $20 Million for a Mobile Payment Service

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Obopay Received $20 Million for a Mobile Payment Service

Obopay raised $20 million from Essar Communications Holdings Limited, Alliance Bernstein, ONSET Ventures, Redpoint Ventures, Richmond Management, Richmond Global Cellular, Citi, Societe Generale, Qualcomm, Promethean and Olayan America Corporation. Previously Obopay received $29 Million in July 2007.

What does Obopay do?

Obopay is a mobile payment service.

VCU says:

Obopay is a mobile payment service, which means you can instantly get, send and spend money anywhere, anytime with anyone. They also provide a Prepaid MasterCard®.

Here is how it works. You first create an Obopay account and the individual you want to send money to will have an account also. You deposit money in your Obopay account, then you may send to another Obopay user. Since everyone receives a prepaid MasterCard they use the prepaid card to withdrawl money or spend using their Mastercard that is linked to their Obopay account.

While it is very interesting, a more interesting proposition would be paying directly with your mobile phone.

Take a look at Obopay.

Founders:

Read more about Carol L. Realini here.

Read more about John Tumminaro here.

Funders:

Read more about Citi here.

Read more about Societe Generale here.

Read more about Alliance Bernstein L.P. here.

Read more about ONSET Ventures here.

Read more about Redpoint Ventures here.

Essar Communications Holdings Limited

Richmond Management

Richmond Global Cellular

Qualcomm

Promethean

Olayan America Corporation




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