Press Release: Obopay Secures $29 Million in Third Round of Funding

Obopay Secures $29 Million in Third Round of Funding

REDWOOD CITY, Calif., July 12 -- 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. (http://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.