Payfone, a mobile payments operator, is well on its way to growth following a $11M Series B financing round from Opus Capital, BlackBerry Partners Fund and RRE Ventures. Payfone’s unique approach to mobile payments is in alignment with the future of mobile commerce, providing a secure and dynamic transactional infrastructure for merchants and one-click purchase options for consumers. Under the terms, Bob Borchers of Opus Capital and Kevin Talbot of BlackBerry Partners Fund will join as Payfone board members. Read more after the jump.
Payfone’s strength lies in its ability to take advantage of existing inter-operator networks’ abilities. Payfone utilizes signaling and global operator standards to deliver advanced payment and billing capabilities necessary for today’s mobile environment. These standards, built from the backbone of the mobile operator network, help connect app stores and content brands to mobile operators via existing network infrastructure.
“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.”
Payfone’s benefits extend to both merchants and consumers in a myriad of ways. For one, consumers gain the ability of paying with a phone number for purchases that are billed to prepaid or post-paid mobile accounts, without relying on Premium SMS. This one-click mobile billing can be applied globally and comes with real-time fraud prevention and detailed billing records, helping mobile app stores and brands to increase conversion and yield worldwide. With the infusion of funding, Payfone will be looking to broaden their presence across EMEA, Latin America and Asia.
“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.”