Zong, a mobile payment service used by online gaming and social networking websites, has completed a USD15m round of funding led by Matrix Partners.
Formerly a division of Echovox, Zong is now a standalone company headquartered in Palo Alto.
It will use the investment to accelerate the growth of its merchant network in US and international markets and expand its mobile carrier network.
Zong is the mobile payment provider for Facebook Credits, a new virtual currency platform being deployed across the Facebook network of over 400 million monthly active users.
Zong is the only mobile payments service that combines carrier billing with credit, debit and prepaid cards.
“We are thrilled to have the support and guidance of Matrix Partners, which has a phenomenal track record in developing select mobile, wireless and internet companies,” says David Marcus, founder and chief executive of Zong. “With this comes the privilege of working closely with Dana Stalder, who as a result of his extensive experience with PayPal, will be of great value to our team.”
Dana Stalder, general partner of Matrix, will join Zong’s board of directors bringing more than 20 years of experience to the company. He has extensive knowledge in financial services and ecommerce, having served in executive positions at Netscape, eBay and PayPal. Stalder also initiated a number of other startup projects, including PayPal Mobile and the PayPal Developer Platform.
“Matrix’s message has been clear. We are committed to helping build significant, industry leading companies and Zong fits that bill,” says Stalder. “Zong is at the forefront of the evolution of the payments space and we hope to play a key role in its continued growth and success.”
