Obopay, the first comprehensive mobile payment service in the US, today announced its acquisition of BillMonk, the rapidly growing online service that provides the most convenient means of tracking debts and expenses in social situations.
The acquisition will provide on-the-go youth—who typically reject traditional money management and payment solutions—with a more flexible and easier way to send, receive, and manage money via mobile phones.
"In a society that spends so much for convenience, it's ironic how inconvenient money itself has become," said Obopay CEO Carol L. Realini. "With this acquisition, Obopay is delivering a comprehensive set of social money services that render the spending, receiving and tracking of money much easier for today's busy mobile society."
Social money is an informal medium of exchange between at least two individuals—roommates, friends, family members, co-workers, travelers and more—who share the burden of a single financial transaction, such as a utility bill or dining experience. Often, there is a substantial build-up of these transactions as the individuals continue to partake in shared experiences as a single consumer. The result: confusion among friends over who owes what. Examples of social money transactions include:
- Roommates sharing living expenses such as rent, utility bills and groceries;
- Travelers sharing hotel bills, car rentals and gas while on vacation;
- Co-workers taking turns to pick up the lunch tab, or pooling money together for a shared birthday gift;
- Friends sharing common social expenses like dinners, movie tickets, drinks or long nights-on-the-town
BillMonk created an innovative, rapidly growing service that allows users to keep track of the many credits and debts arising from common consumer experiences and shared financial transactions. Users simply log onto the online service to record the bills they wish to split, and BillMonk automatically calculates the amounts owed, keeps track of payment transactions, and reports on the running balance. Following the acquisition, Obopay will implement a multi-phased integration strategy that will provide blended functionality and new feature enhancements for both services in the months ahead.
"We are very excited to be joining forces with Obopay," said BillMonk co-founder Gaurav Oberoi. "This acquisition enables individuals actively engaged in shared consumer experiences to easily figure out who owes what and pay up on-the-spot via mobile phones or later via the Web. The two services are a perfect match, and the acquisition is a huge win for consumers."