Paymo raises round for mobile payment system
Paying for goods with a cell phone has been a pipe dream for a long time. Paymo is the latest company that enables merchants to set up a cell-phone payment system. The company has raised a $5 million seed round of funding.
See the company’s full press release here.
Margaret Mackenzie, chief financial officer, told VentureWire that the amount was a convertible note and declined to name the angels who contributed.
Paymo was founded in 2007 with the goal of making it easier for consumers to purchase digital downloadable goods with a phone. The company places a Paymo button on mobile Web sites. Mobile users click the button, enter their mobile number, get a confirmation text and respond. The purchase is then downloaded. The company said the system is in place in 25 countries.
Paymo has 11 employees and is based in San Francisco. Its competitors include eBay’s PayPal division.
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About the Author, Dean Takahashi
Dean is lead writer for GamesBeat at VentureBeat. He covers video games, security, chips and a variety of other subjects. Dean previously worked at the San Jose Mercury News, the Wall Street Journal, the Red Herring, the Los Angeles Times, the Orange County Register and the Dallas Times Herald. He is the author of two books, Opening the Xbox and the Xbox 360 Uncloaked. Follow him on Twitter at @deantak, and follow VentureBeat on Twitter at @venturebeat.