M-commerce Payments Provider Raises $11 Million

Aug. 12, 2010

Payfone, a New York City-based mobile payments provider, announced it has raised $11 million in Series B funding. The financing was led by Opus Capital, and included Blackberry partners Fund and RRE Ventures, which was an original investor in Payfone. The company also announced that former Apple iPhone marketing executive Bob Borchers would join the company’s board. Borchers is a partner with Opus Capital and brings his strong expertise and years of experience to the table to help Payfone advance in the space. Payfone recently launched its new mobile commerce product that works with carriers to let consumers buy from online merchants with their phone number. The consumer is then billed for the transaction via their mobile phone account. Payfone said it will use the new investment to help grow its presence in Latin America, Asia, Africa, Europe and the Middle East.