Mobile payments start up cMoney raises $15 million in funding

Source: cMoney

cMoney, Inc., a new mobile technology company based in Houston, announced it has received a commitment of $100 million in funding from AGS Capital Group, LLC, of New York City. The investment is expected to support the expansion of the company as well as the launch of C$ cMoney, an innovative mobile platform for the financial services industry.

"In considering numerous investment partners, we were particularly impressed with the AGS Capital Group team. They have become very knowledgeable about our business model and enthusiastic about assisting us in building our company," said Jennifer L. Pharris, president and CEO of cMoney, Inc. "With this funding from AGS Capital Group, we are able to accelerate the launch of our innovative technology and expand our operations globally."

Scheduled to launch early next year, C$ cMoney's new mobile payment platform enables consumers to send money or pay for goods and services through mobile phones anywhere that cash, checks or credit cards are accepted. The application contains patented security technologies that eliminate exposure to identity and credit card theft. C$ cMoney is expected to unveil its revolutionary product via the App Store, BlackBerry World and the Android Marketplace, among others.

C$ cMoney allows an individual to establish a financial profile to enact the seamless transfer of funds between multiple accounts at various financial institutions across the U.S., and eventually the world. The company is currently in talks with select national and regional banks who are interested in offering the product directly to their customers.

"We are excited to partner with C$ cMoney by providing funding to support the growth of the company and the introduction of its new mobile application," said Allen Silberstein, principal, CEO and CIO of AGS Capital Group, LLC. "We are very impressed with the proprietary technology that C$ cMoney is bringing to market and believe C$ cMoney could be the next Google in terms of marketing play."

Silberstein founded AGS Capital Group in 2009 after spinning out of Visium Asset Management, a three billion dollar health care fund. Silberstein oversees research, investor relations and risk management, and is a member of the firm's Investment Committee. In addition to C$ cMoney, AGS Capital Group has provided debt and equity financing solutions for Coca-Cola, GE Capital, Johnson Controls, Morgan Stanley and numerous other growth and mature companies.

The financing with AGS Capital was arranged by Robert Gandy, an investment banker with Pythagoras Group in Houston. Full details of the agreements and conditions are disclosed in the Company's SEC Form 8-K filed July 08, 2010 with the SEC.

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