Obopay, of Redwood City, has pulled in $7 million in strategic Series B funding from wireless industry heavyweight Qualcomm Inc. to help it expand the potential market for its mobile payment technology.
Realini said that by receiving investment from Qualcomm, developer of BREW software platform, Obopay could potentially see its payment technology deployed as a feature on myriad BREW applications, such as those developed for shopping. “This is a huge validation” for Obopay’s technology, Realini said.
While Obopay’s technology currently enables users to make payments directly to each other using their cell phones, Realini said that users will soon also be able to use it to make payments directly to retailers using only their cell phones.
(Note: This area is a hot one. There are a number of companies going after the mobile payment market, including PayPal. And Obopay already raised $10 million back in March, from Redpoint, Onset and New York’s Richmond Management.)