Nokia Takes Minority Stake in Mobile Payments Firm Obopay

Authored by Mark Hefflinger on March 25, 2009 - 8:22am.

Redwood City, Calif. - Obopay, a provider of mobile payments technology, announced on Wednesday that Nokia (NYSE: NOK) has taken a minority stake in the company.

Financial terms of the deal were not disclosed.

Launched in 2005, Redwood City, Calif.-based Obopay lets consumers and businesses purchase, pay and transfer money through any mobile phone.

The company has to date raised some $69 million in venture capital financing.

"This investment reflects our belief in the global potential for mobile payments," said Teppo Paavola, vice president and head of corporate business development at Nokia -- who will take a seat on Obopay's board.

"Obopay has consistently demonstrated its ability to redefine how people spend and send money and has established itself as the leader in a competitive landscape."

Obopay said it will use the investment to extend its product suite and beef up its global presence.

Related Links:
http://snipurl.com/ejred

http://www.obopay.com