Mobile Payment Hooks $10 Million

A mobile payment and loyalty system for retailers in the USA has secured its first round funding of US$10 million.

The financing was led by Oak Investment Partners. Ignition Partners and SeaPoint Ventures, which participated in the initial seed financing for MobileLime, also participated in this round. reader

President and CEO of MobileLime Robert Wesley said that the funding will be used “to support the national rollout of our mobile loyalty and payment solutions and speed the launch of our mobile wallet based on Near Field Communication (NFC) technology.”

MobileLime has opened sales offices in Boston, Chicago, Seattle, Atlanta and Austin and was awarded the 2005 Global Retail Technology Award for Best In-Store Innovation and the Innovation Award from the Global Mobile Marketing Association,

Founded in 2001, consumers can make purchases through any mobile phone at participating merchants using a combination of SMS and IVR. The system is also used to deliver marketing information to customers.

Tags: IVR, Mobile Commerce, Premium Services, SMS

This entry was posted on March 24th, 2006 and is filed under Technology. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or Trackback from your own site.