Calpian invests in Indian start-up My Mobile Payments
03 April 2012 | 1782 views | 0
Calpian, Inc. CLPI 0.00% , a Dallas-based public company engaged in the electronic payment processing business, is pleased to announce the March 28, 2012, investment in India-based My Mobile Payments Limited ("MMPL") through a newly-formed company, Digital Payments Processing Limited ("DPPL"), both organized under the laws of India and headquartered in Mumbai.
Working with MMPL, DPPL will be the customer face of Money on Mobile ("MoM"), a service that allows individuals to use their cellular phones to make routine payments such as mobile phone top-up, television time, and moving money using simple text messaging technology. According to the Telecom Regulatory Authority of India, there are 903.7 million cell phone subscribers in India, and the country is adding 9.9 million new subscribers per month. Calpian's initial $1.3 million investment is the first in a series of investments Calpian expects to make in DPPL over the next 20 months.
Calpian's CEO, Harold Montgomery, commented, "We are thrilled to complete this round of our investment in MoM. The product is exceptional and the leadership team is dynamic and visionary. Their hard work has resulted in a growth rate unmatched anywhere in the world. With MoM's annualized processing volume of over $72,000,000, which is growing at a monthly rate of 7%-10%, we believe this company has a bright future. This strategic investment is an excellent fit for Calpian, and establishes a solid foundation for us to consider other global markets to further enhance the value for our shareholders. We are especially pleased to be a leader in helping to further the Reserve Bank of India's efforts to extend basic financial services to all members of Indian society."