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Thursday, March 15, 2012

Mobile payment business BOKU picks up investment from Telefonica

Online mobile payment business BOKU has announced $35 million (around £22 million) in new funding. Telefónica Digital, New Enterprise Associates and a number of other venture capital businesses will be joining previous investors. BOKU says the money will be used to expand its team, broaden its infrastructure and continue its global expansion.

Mark Britto, CEO of BOKU, said “Payments is an industry that requires scale, and in the three years since BOKU launched we’ve grown rapidly to partner with more than 250 mobile network operators, processing transactions in 67 countries around the world. We see this investment as a clear vote of confidence from our new partners at NEA and Telefonica. They recognize that we’ve established a mobile billing system that offers bank grade technology on a global scale; this strategic investment will help us expand our business as well as facilitate the growth of our new BOKU Accounts platform.”

BOKU has now raised a total of $75 million through  a series of funding rounds. It announced BOKU Accounts last month, offering an NFC sticker that gave mobile operators the ability to enable any phone for MasterCard PayPass contactless payments.

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Author: The Fonecast
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