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Summary:

[qi:110] Two years ago I came up with the term fundinista to refer to a startup that’s relentlessly raising venture capital. Add mobile payments company Obopay, which has received a $70 million injection from Nokia, to that list. That’s on top of $69 million it got […]

[qi:110] Two years ago I came up with the term fundinista to refer to a startup that’s relentlessly raising venture capital. Add mobile payments company Obopay, which has received a $70 million injection from Nokia, to that list. That’s on top of $69 million it got in April of 2008 from investors such as Qualcomm. I have yet to meet anyone who is actually using this service, but never mind. CEO Carol Realini is good at getting investors to wire them the money!

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  1. “I have yet to meet anyone who is actually using the service”

    I would assume that Obopay has most of its users outside the US or is it powers mobile/micro-payments for large institutions. The money will probably be used to expand their efforts in markets such as India and Asia. And yes, “I have yet myself to meet anyone who is actually using the service”.

  2. $140 million? PayPal raised that kind of cash but well after the model was proven.

  3. I am not surprised that solutions like obopay evolve in US. Where anything over SMS looks like a miracle or magical.

    Fortunately, the future of mobile payments will not be the obopay model even if Nokia or Qualcomm keep funding them.

  4. End of independent mobile payment players? « Convergence Commerce Sunday, April 12, 2009

    [...] is difficult to have missed the news (here, here, here) about Obopay receiving $70 million from Nokia. This is on top of the earlier round (Series D) of [...]

  5. Typically US centric commentary, as in if US citizens don’t go for it then it has to be a bust right? You folks should look in to the un-banked or under banked world and the use of stored value cards. Add the convenience of cellphone and you have a hit.

    Cellphone technology + new uses for this technology + rampant use of the cell technology abroad= a market that someone needs to move in to

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