06 February 2016

Obopay raises $20m in fourth round of funding

25 April 2008  |  8104 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.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

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

Related blogs

Create a blog about this story (membership required)

Related stories

24 April, 2008
23 April, 2008
16 April, 2008
28 March, 2008
09 January, 2008
12 July, 2007
28 February, 2007
30 March, 2006

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
9963 views comments | 47 tweets | 39 linkedin
Digital transformation driving earnings at...
8687 views comments | 42 tweets | 35 linkedin
ECB eyes up European P2P payments
7588 views comments | 28 tweets | 38 linkedin
Visa opens up to developers
6758 views comments | 23 tweets | 40 linkedin
It may take ten years, but blockchain tech...
5918 views comments | 20 tweets | 19 linkedin

Featured job

Paris (France) or Brussels (Belgium)

Find your next job