Mobile payment network Paymo has raised USD5m in seed funding from a number of unnamed US angel investors. The firm, which was founded last year, says it will use the funds to accelerate product development and marketing.
“Online social networking, gaming, and music are fuelling explosive growth in the digital content markets and 70% of the online population has no credit card but has a mobile phone,” says Paymo CEO and founder Paul McGuire. He previously co-founded and was CEO at mobile billing firm mBlox.
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