Boku Unveils New Team, Company, Strategy and Delivers Unmatched Mobile Payment Reach in 50+ Countries Worldwide
SAN FRANCISCO, CA–(Marketwire – June 16, 2009) - Boku, Inc. today announced it has raised $13 million in venture capital investment led by Benchmark Capital, with participation from Index Ventures and Khosla Ventures. The company is offering a new payments service for global consumers who make online purchases of digital and virtual goods with their mobile phones. Boku is building a new market for publishers and carriers by bringing bank-grade mobile payments to the Web. In a related announcement today, the company has acquired both Paymo and Mobillcash businesses, two leading global mobile payments companies.
Mark Britto joins Boku as CEO, with a background spanning twenty years of management, sales and payment roles at Amazon, Ingenio and FirstUSA, along with a seasoned team with management experience in finance and technology companies including AT&T Interactive, PayPal, Apple, FICO, Google, O2, Bank of America and eBay.
“Mark and his team at Boku have the right DNA in payments, mobile and the web to execute on this timely vision and deliver a solid payments foundation capable of serving a very fast growing market,” stated Kevin Harvey, Partner at Benchmark Capital.
Mark Britto, CEO for Boku, added, “We’re excited to be working with Kevin Harvey (Benchmark), Danny Rimer (Index) and David Weiden (Khosla) who are some of the most forward-thinking, successful venture capitalists in the world. They and their firms bring decades of deep experience in revolutionary technologies, including eBay, Second Life, Skype, Tellme and Twitter.”
The Boku™ mobile payments service will allow over 1.6 billion potential consumers to access Boku Mobile Payments by clicking on the Pay By Mobile™ button to purchase virtual goods on websites and in games in 50+ countries. The companies’ combined reach, technology and teams will provide a mobile payment platform unmatched by any other offering in the market today.
The market for online payments via mobile is being driven by the rapid, global growth of social networks, virtual goods and games, the popularity of mobile applications, and the large number of unbanked customers who have access to mobile phones, but not credit cards or bank accounts: With over 1 billion applications served, the iPhone has changed how people use and relate to their phones; The virtual goods and gaming market is worth $8 billion today and growing; On Facebook, 200 million users can now access 135 thousand virtual applications and games; The gap between the banked and underbanked is large, with 4 billion mobile phones but only 2 billion bank accounts worldwide.
Watch a demonstration of how easy and safe it is to pay using Boku.