Obopay will leverage the additional investment to further expand its marketing and operations efforts to more quickly capitalize on the rapidly growing opportunity for mobile payments in the U.S. The company will continue to work closely with mobile operators, merchants and financial institutions to provide consumers with greater options and a seamless experience with the Obopay mobile payment service.

"To receive this kind of support from such a well-known financial leader and global player further validates our leadership in this rapidly growing market," said Carol L. Realini, CEO and founder of Obopay. "We are excited to be working with Wolfensohn & Company whose support and financial industry expertise will go a long way toward the widespread adoption of mobile payments."

With the Obopay mobile payment service, consumers can instantly get, send and spend money using their mobile handset. Obopay accounts can be managed completely from the mobile handset, allowing users to check their balances, request payments from other mobile users and view their transaction histories.

"Mobile phones will be to money what the iPod is to music," continued Realini. "And Obopay is doing much to turn that vision into reality by offering anyone with a mobile phone flexible, affordable, and instant access to money from the palm of their hand no matter where they are."