01 October 2016
Find out more

Obopay raises $20m in fourth round of funding

25 April 2008  |  8311 views  |  0 D600 mobile

California-based mobile payments outfit Obopay has raised $20 million in a series d financing round led by the telecomms arm of Indian conglomerate Essar.

Current investors, including Alliance Bernstein, Onset Ventures, Redpoint Ventures, Richmond Management, Citi, Societe Generale, Qualcomm and Promethean India, also participated in the latest financing.

Following the funding, K B Rajendran, SVP at Essar Global and Robert Hottensen, SVP, public equity at investment advisory firm Olayan America, have joined the Obopay board of directors.

Rajendran has over 17 years experience in telecomms and payments businesses, including Airtel, Enron Broadband, Sify and Venture Infotek. Hottensen leads a team of analysts advising on investment opportunities at Olayan America.

Carol Realini, CEO, Obopay, says this round of investment builds on Obopay's success in the mobile payments market.

"With our continuing focus on delivering services built on specific feedback from consumers, such as the ability to send money from and receive money to any US bank account, the success of our partnerships and our international expansion, we remain confident in the viability of the American - and global - mobile payments market," adds Realini

Obopay launched its mobile payments service in the US in 2006. Subscribers to the mobile service can check their account balances, collect money owed from other mobile users, view transaction histories and invite friends to use the service.

The investment from a major Indian company comes as Obopay - which has established a development centre in Bangalore - makes a push into the country.

In March Obopay teamed with Yes Bank to launch its person-to-person money transfer service in the country. More partnerships are expected to follow with the firm saying it has struck deals with six banks and three telcos in the country.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

100 million to pay by mobile phone by 2011

100 million to pay by mobile phone by 2011

24 April 2008  |  15199 views  |  0 comments
Mobile coupon and ticketing on the rise  - study

Mobile coupon and ticketing on the rise - study

23 April 2008  |  7541 views  |  0 comments
Mobile banking numbers to pass 800 million by 2011 - Juniper

Mobile banking numbers to pass 800 million by 2011 - Juniper

16 April 2008  |  8200 views  |  0 comments
Obopay partners Yes Bank for Indian launch

Obopay partners Yes Bank for Indian launch

28 March 2008  |  4695 views  |  0 comments
Obopay gears up for Indian launch

Obopay gears up for Indian launch

09 January 2008  |  6928 views  |  0 comments
Obopay raises $29m in third round funding

Obopay raises $29m in third round funding

12 July 2007  |  6361 views  |  0 comments
Citi partners Obopay for P2P m-payments pilot

Citi partners Obopay for P2P m-payments pilot

28 February 2007  |  12134 views  |  0 comments
OboPay launches m-payments service in US

OboPay launches m-payments service in US

30 March 2006  |  12642 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreFind out moreVisit VocaLink.com

Top topics

Most viewed Most shared
Ripple rudely gatecrashes Sibos partyRipple rudely gatecrashes Sibos party
11434 views comments | 35 tweets | 33 linkedin
BNP Paribas is working with clients on blockchain deploymentBNP Paribas is working with clients on blo...
8787 views comments | 16 tweets | 32 linkedin
Banks ready for real-world blockchainBanks ready for real-world blockchain
7294 views comments | 22 tweets | 30 linkedin
hands typing furiouslyCan Blockchain Prevent Money Laundering?
6890 views 0 | 24 tweets | 9 linkedin
PayPal and Lenovo team on biometric authentication for laptopsPayPal and Lenovo team on biometric authen...
6867 views comments | 13 tweets | 16 linkedin

Featured job

Find your next job