Carrier billing outfit Boku has secured $13.7 million in venture funding as it bids to capitalise on increased demand from major merchants in developed economies.
Existing investors Khosla Ventures, Benchmark Capital, NEA, Index Ventures and DAG Ventures, participated in the new round, which brings the total amount Boku has raised to $91 million since its founding in 2009.
Carrier billing - whereby consumers pay for online goods through their mobile airtime bills - has traditionally been viewed as a niche payment method for consumers in emerging markets with little or no access to credit or bank payment cards. More recently, Boku says it has seen explosive growth in developed markets through partnerships with premier merchants and carriers, including Google, Microsoft, Sony, Spotify and Facebook.
The company says it will use the funding to build and activate new waves of carrier connections across the globe.
David Weiden, Partner at Khosla Ventures, says: "Boku continues to grow in emerging economies, while simultaneously executing a strategy to penetrate and grow in developed markets. The adoption of carrier billing among big companies like Google, Sony and Microsoft is accelerating now, and this investment will help Boku further cement its position as the global leader.”