Obopay takes $20M for mobile payment software
Obopay, a Redwood City, Calif. company that gives people a way to send money through their mobile phones or over the web, has taken a $20 million round, according to GigaOm.
While Obopay competes with PayPal, as well as some other, smaller startups, there’s evidence that it may be successful; most compellingly, the company has scored a partnership with Citi, one of the nation’s biggest banks, as well as several cellular providers.
The $20 million round isn’t yet closed, but brings the company’s total to date to $66 million. The investors in the round haven’t yet been disclosed. Previous backers include Onset Ventures, Qualcomm Ventures and Redpoint Ventures.
Update: The company has disclosed the investors in the round. Essar Communications Holdings Limited led the round. Alliance Bernstein, ONSET Ventures, Redpoint Ventures, Richmond Management and Richmond Global Cellular, Citi, Societe Generale, Qualcomm, and Promethean participated. New investors included Essar Communications Holdings Limited and Olayan America Corporation, a global investment office of The Olayan Group.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.