Paymo, formerly mTN Global, today announced it has raised $5 million in seed financing.
Paymo is the first company to address the needs of online merchants for a global micro-payments solution for digital content and services. The digital content market is expected to exceed $100 billion by 2010, driven by growth in online social networking, gaming, music and video. Paymo, Inc. was founded by a team of seasoned executives with in-depth experience in mobile messaging, micro-payments and financial services and proven successes in startup and high-growth companies. The financing round was provided by prominent angel investors in the United States and Europe and will be used to accelerate product development and marketing.
Paymo connects online merchants with the world's 3+ billion mobile phone users, enabling purchases of digital content and services to be charged to the mobile phone bill. Easier to use and with more global reach than any other micro-payments solution, the Paymo network is built on a unique connectivity architecture and technology platform that makes it possible for web and mobile merchants everywhere in the world to increase digital content sales by reaching any consumer with a mobile phone in any country.
"Online social networking, gaming, and music are fueling explosive growth in the digital content markets and 70% of the online population has no credit card but has a mobile phone," said Paul McGuire, CEO and founder. "Paymo is uniquely positioned, due to its innovative business model, technology architecture and experienced team, to enable web and mobile merchants worldwide to increase digital content sales, reaching new customers and markets."