Mobile commerce and payments firm MPower Mobile is in the process of closing a $5 million second round of funding. The bulk of the new money comes from Maples Investments, with participation from Todd Smith (co-founder of Tivoli Systems, a software company IBM acquired in 1996).
MPower Mobile, formerly called Sapphire Mobile Systems, was taken over and re-branded by Austin-based MPower Ventures, a boutique investment firm focused on funding startups working on payment platforms. Sapphire Mobile was founded in 2005 by Moneet Singh; it released a suite of m-commerce tools under the Phire label.
MPower Ventures invested an undisclosed amount in MPower Mobile as part of its takeover last year; Bertrand and Roy Sosa, the VC firm’s co-founders, also participated in this second round. Bertrand Sosa, who serves as MPower Mobile’s CMO, told VentureWire (subs. req) that the second round will likely close within the next 45 days. The company is developing credit- and debit-card processing apps for mobile phones; its products are currently used by m-commerce companies in Latin America, Europe and Asia. The new money will help fund MPower Mobile’s expansion in the U.S. Release.