Mobile phone payment technology developer Obopay has landed
$20 million in late-stage money from new investors Essar Global Ltd. of India and Saudi-owned Olayan America Corp. The company will use the funding to pursue international expansion of its service that lets consumers and businesses purchase, pay and transfer money through a mobile phone using its mobile application, text message, mobile Web or widget.
The new investors join a roster of backers that includes financial and strategic investors Alliance Bernstein, ONSET Ventures, Redpoint Ventures, Richmond Management and Richmond Global Cellular, Citigroup, Société Générale, Qualcomm and Promethean. The new round brings total funding in three-year-old Obopay to $66 million, including a $29 million round last July led by Richmond Global Cellular, an affiliate fund of Richmond Management LLC. Obopay
announced last month that it's launching a money transfer service in India through an alliance with YES BANK, an Indian private sector bank owned by Essar.
-- Clifford CarlsenSee April 24 press release from ObopaySee March 27 press release from Obopay
Continue reading below
