Strategic Investment Round of $7 Million in Obopay Led by QUALCOMM
Tuesday September 5, 9:00 am ET
Obopay Positioned to Take Early Lead in Growing Mobile Payments Market
REDWOOD CITY, Calif., Sept. 5 /PRNewswire/ -- Obopay, the first comprehensive mobile payment service in the U.S., today announced that it closed on a $7 million strategic investment round led by leading wireless technologies innovator QUALCOMM Incorporated (Nasdaq: QCOM - News). Other participants in this round include investors Redpoint Ventures, ONSET Ventures and Richmond Management, which all contributed to the series A round of $10 million last February.
"QUALCOMM believes that there is a tremendous opportunity in mobile payments, and we were impressed by what Obopay has to offer in terms of vision, execution and an experienced management team," said Nagraj Kashyap, director of North American operations, QUALCOMM Ventures. "We look forward to working with Obopay and driving mass consumer adoption of their innovative peer-to-peer mobile payments solution on the BREW® platform."
Obopay will leverage the investment to expand its marketing and operations to capitalize on the rapidly growing opportunity for mobile payments in the United States. The company also will continue to work closely with mobile operators, merchants and financial institutions to provide consumers with greater options and a seamless experience with the Obopay mobile payments service.
"This strategic investment by QUALCOMM and our original slate of investors strongly validates our early leadership in this rapidly growing market," said Carol L. Realini, CEO and founder of Obopay. "We are beginning to see in the United States the same trends that sparked massive adoption of mobile payments abroad and are making it a practical and usable solution for consumers today."
With the Obopay mobile payment service, consumers can instantly get, send and spend money using their mobile handset. Obopay accounts can be managed completely from the mobile handset, allowing users to check their balances, request payments from other mobile users and view their transaction histories.
Obopay's comprehensive service offers new opportunities for mobile service providers, merchants, financial service organizations and consumers. Mobile service providers that work with Obopay can immediately offer their subscribers a complete mobile digital payment solution. Financial services organizations can offer existing account holders a mobile payment solution in addition to companion debit and credit card solutions. Merchants can easily accept payments from Obopay subscribers as immediate financial transactions, lowering cash management costs and reducing the risk of fraudulent transactions.
About QUALCOMM:
QUALCOMM Incorporated ( www.qualcomm.com ) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2006 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
About Obopay
Obopay will bring to market the first complete mobile payment service in the U.S. Obopay's intuitive and easy-to-use mobile application will work on mobile devices and is the most convenient way for consumers to get, send and spend money instantly. The Obopay team is comprised of executives who have worked previously at Visa International, Microsoft, AT&T Wireless, Western Union, First Data Corporation, Norwest Bank and Chordiant Software. Obopay was founded in 2005 and is based in Redwood City, Calif. For more information, please visit www.obopay.com .
NOTE: QUALCOMM and BREW are registered trademarks of QUALCOMM Incorporated. All other trademarks are the property of their respective owners. |
