Mpayy Closes Series B Financing Led by US Bank

“We are thrilled to have a world-class financial institution like US Bank continue as a partner and welcome the value and experience brought by our private investors,” said Conrad Sheehan, Founder & CEO of Mpayy.

Mpayy will use the financing to continue its merchant and personal account growth and to enrich its ecommerce, mobile commerce and widget-based payment services.

“We are very pleased to continue with our role in Mpayy and continue to view it as an attractively positioned player in alternative payments with a compelling and unique value proposition” added Mac McCullough, US Bank Executive Vice President and Mpayy Director.

Mpayy beta-launched in 1Q 2008 with secure online, mobile and widget payment processing capabilities. Mpayy serves:

• Individuals – Mpayy provides individuals with free Person-to-Person money transfers through its online and mobile sites as well as its secure social networking widget. When buying from merchants, individuals pay from their checking accounts, and receive Cash Back rewards and similar Chargeback protections to credit cards.
• Small Business/Independent Salespeople – Mpayy’s Mobile Merchant product transforms mobile web-enabled cell phones into mobile Point of Sale systems allowing sales reps, taxi drivers, or fundraisers to take electronic payments. Internet Retailers – Mpayy’s Retailer Pro account offers the best price of any merchant processing account serving the internet retail space. Mpayy eliminates fraud liability for the retailer, meets PCI standards and integrates in less than a day.
• Charities – Mpayy’s multi-channel electronic donation platform enables fundraisers to reach donors wherever they are and to make donating fast, simple and secure.