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Obopay lands $20m for mobile payments

Mobile payments company Obopay has nabbed a four round of funding worth $20 million from the likes of Essar Communications Holdings Limited, leading the round and existing investors including Citi, Societe Generale, Qualcomm, and Promethean and new investors like Olayan America Corporation also joined in.

The company is mainly a North American-based venture – it lists Verizon Wireless and Helio among its partners – and its mobile money transfer system works with US bank accounts using a widget, through a browser or SMS. While the company hasn’t given away what it plans to do with the latest round of investments, international expansion shouldn’t be ruled out – Obopay has a presence in India and a number of big names are falling over themselves to bring mobile money transfer to developing economies.

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