MOBIbucks, the leader in cardless mobile payment and marketing solutions, announced today it has raised $5 million in Series A funding. Acadia Woods Partners, a New York-based technology, media and life science venture capital firm, led the round which also included the participation of several new and original angel investors.
The investment fuels MOBIbucks' rapid growth in key markets around the world and funds customer service in support of new installations.
"MOBIbucks is clearly poised to capitalize on what has become a massive move to mobile payments and mobile marketing," said Jeff Samberg, managing director, Acadia Woods Partners. "Our investment reflects confidence that MOBIbucks is uniquely positioned in this space and is delivering a compelling technology to dramatically change the face of payments."
MOBIbucks unique mobile payments and mobile marketing solutions are based upon a patent-pending technology platform. MOBIbucks is the only mobile payment solution for making purchases using just a mobile phone number -- it does not require cash, a card or even a mobile phone to be in the user's possession to be used. The company's mobile marketing and rewards solution is a powerful, paperless, cardless merchandising tool to offer coupons, loyalty rewards, gift cards and even online ordering.
"We believe there is an enormous market for mobile commerce applications, in which MOBIbucks is positioned to be a leader. MOBIbucks offers the first cardless, mobile phone agnostic, wireless operator independent, free from card association road blocks payment platform," said Jorge Fernandes, CEO of MOBIbucks. "We welcome Acadia Woods as an investor as we continue to extend MOBIbucks' global reach."
"One of the most exciting developments right now is in mobile marketing. With mobile marketing gaining significant traction, we see our founding vision of a digital economy becoming real in businesses today. Our technology provides any easy bridge from mobile marketing to the mobile payment solutions to come," said Tom Recktenwald, president of MOBIbucks. "We expect Acadia Woods investment and support of MOBIbucks to accelerate our vision of the digital world to be."
In just the past few months, MOBIbucks has signed on several major restaurant chains in the US and announced that Abu Dhabi Commercial Bank (ADCB), one of the UAE's leading banks, is the first bank to deploy the mobile payment service.