BOKU splashes payments cash
by Keith Dyer
A new mobile payments entity, created by the acquisition of two existing m-payments providers, using venture capital funds, aims to exploit the growing market in using a mobile phone as the payment mechanism for purchases of digital and virtual goods online.
VC-backed Boku’s aim is to create a new standard for the mobile, by bringing bank-grade mobile payments to the Web. The company has secured $14 million funding led by Benchmark Capital, and has acquired Paymo, based in San Francisco, and Mobillcash business, originally founded in the United Kingdom. The two mobile payments companies have a potential global reach of over 1.6 billion users in 50+ countries on 170 mobile operators, a Boku statement said.
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