Obopay Secures $29 Million in Third Round of Funding

    REDWOOD CITY, Calif., July 12 /PRNewswire/ -- Obopay, Inc., the
 pioneering service provider for payments over mobile phones, recently
 announced closing of its third round of venture funding, raising $29
 million. This latest round of investment follows an overwhelmingly positive
 reception from American consumers since their 2006 launch.
     "This round of investment brings Obopay to the enviable position of
 being the best funded independent mobile payments company in the U.S. and
 enables us to enhance our branding and marketing efforts as we launch
 additional partnerships and continue to augment our service offerings,"
 explained Carol Realini, CEO of Obopay. "Our team has built the most
 advanced service available, and we are focused on continuing and maximizing
 our momentum based on robust traction with consumers."
     Richmond Global Cellular, an affiliate fund of Richmond Management LLC
 comprising premier international investors, led the round and all current
 investors, including Qualcomm and Redpoint Ventures, participated. New
 investors included AllianceBernstein L.P., Citi, Societe Generale, and
 others.
     Ms. Realini remarked: "The wide-ranging contacts and collective
 experience of our new investors will bring significant value to Obopay as
 we strive to expand our business in our home base of the U.S."
     Peter Kellner of Richmond Global Cellular said, "Richmond led this
 financing because we believe the time is now for mobile payments. Mobile
 consumers are using their phone for so much more than communication and the
 ability to use the convenience and power of mobile payments is a necessary
 and market-driven development."
     Obopay will use these funds to reach additional consumers and potential
 partners who are seeking to avail of the convenience, security and ease of
 use Obopay's market-leading mobile payment services.
     "In a short time, Obopay has clearly demonstrated their ability to
 execute, bringing a product to market that has garnered widespread adoption
 and that has defined the emerging landscape of mobile payment services."
 said Jamie Kiggen, Senior Vice President at AllianceBernstein.
     About Obopay
     Obopay, Inc. (www.obopay.com) is the pioneering service provider for
 payments via mobile phones. Only Obopay delivers instant and effortless
 payment solutions that allow consumers, merchants, banks and carriers to
 easily embrace the power and convenience of instant mobile payments. The
 company is bringing mobile payments to more consumers through many
 industry- first alliances, including Verizon Wireless, Citi, and America
 Online. Obopay is a 2007 Fierce 15 Wireless Company headquartered in the
 San Francisco Bay Area.
 
 

SOURCE Obopay, Inc.