Mobile payment firm Paymo raises USD5m

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.

Paymo – formerly known as mTN Global – is a payment system designed to let users buy online items direct from their mobile, without using a credit card. The micro-payment platform charges items direct to a user’s mobile phone bill and is designed for buying digital content such as games and music.

“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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Published by Reinout te Brake

Reinout is a games investor and strategic business consultant specializing in the games industry. Reinout established his credentials through his own successful investments, start-ups, consulting and (advisory) board positions that led through time to strong bonds with key stakeholders in this fast paced industry. He is known for his outstanding results in the gaming industry. He has worked with many game studios around the globe and is therefore well known in the international gaming industry. Check out his games podcast;

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