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Payfone closes USD11m series B financing

Payfone has closed its series B financing, with Opus Capital and BlackBerry Partners Fund joining founding series A investor RRE Ventures in a USD11m round.

Bob Borchers (pictured) of Opus Capital and Kevin Talbot of BlackBerry Partners Fund will join Payfone’s board of directors in connection with this financing.

Payfone has built the first mobile payments platform that leverages the capabilities of existing inter-operator networks. It connects application stores and content brands to mobile operators via existing network infrastructure.

"Mobile payments today are plagued by fraud and failure," says Rodger Desai, Payfone’s chief executive. "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."

"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," adds Borchers. "We are excited to help Payfone grow into the global leader in mobile payments."

The company plans to use the funds to scale its presence across EMEA, Latin America and Asia.

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