Payfone has announced the closing of its $11M Series B financing round with investments by Opus Capital, BlackBerry Partners Fund, and RRE Ventures. Bob Borchers of Opus Capital and Kevin Talbot of BlackBerry Partners Fund will join Payfone’s Board of Directors.
Payfone has built the world’s first and only mobile payments platform that leverages the capabilities of existing inter-operator networks. Designed from the backbone of the mobile operator network, Payfone uses signaling and global operator standards to deliver advanced payment and billing capabilities that meet the needs of today’s mobile ecosystem.The Wall Street Journal has the backstory on Bob Borchers role. Essentially, this is his first investment since leaving his position at Apple as Sr. Director of Worldwide Product Marketing for the iPhone.
Payfone enables online merchants, mobile application stores and brands to extend their reach, conversion and yield all around the globe. The consumer benefits from the simplicity of paying with only a phone number for purchases that are then billed directly to the consumer’s prepaid or post-paid mobile account. Payfone’s high fidelity platform doesn’t rely on “Premium SMS”, fixed price points or complicated bill presentment. Instead it enables one-click mobile billing for online and mobile purchases globally with real-time fraud prevention and detailed billing records.
“Mobile payments today are plagued by fraud and failure,” said Rodger Desai, Payfone’s CEO. “Payfone was built from the ground up with carrier-grade network technologies that enable highly scalable and reliable one-click mobile billing, and new, never before used factors of authentication. Payfone delivers tremendous value to merchants, operators and consumers.”
“Rodger and the Payfone team have created a revolutionary platform for mobile payments that can immediately tap into the billions of dollars being spent on digital and virtual goods today,” said Bob Borchers, General Partner at Opus Capital. “We are excited to help Payfone grow into the global leader in mobile payments.”
The company plans to use the funds to scale its presence across EMEA, Latin America and Asia.