MoBank, a new mobile banking service founded by former First Direct and Egg bankers Steve Townsend and Dominic Keen, has successfully raised £0.75 million in a second round of funding and plans to launch its first public service later this month.
Founded in 2006, the company is currently establishing a call centre operation in the Isle of Man as it prepares to release an initial iPhone app for mobile bill payments and ticketing.
Further applications for the smartphone market will follow as the company looks to move beyond intermediated transactional services to fully-functioning mobile banking and money management.
Subscribers to the system use a PIN to instruct the MoBank payment system to authorise payments direct from their debit/credit cards. The application uses SSL technology to secure transactions through retailers' systems.
MoBank CEO Steve Townsend worked at UK Internet bank Egg for eight years as innovation and customer services director. Co-founder Dominic Keen is a fromer venture capitalist and one-time head of venturing at Egg.
The Isle of Man call centre operation is being run by Steph Gregg, formerly of Egg, First Direct and Vodafone.