While Obopay competes with PayPal, as well as some other, smaller startups, there’s evidence that it may be successful; most compellingly, the company has scored a partnership with Citi, one of the nation’s biggest banks, as well as several cellular providers.
The $20 million round isn’t yet closed, but brings the company’s total to date to $66 million. The investors in the round haven’t yet been disclosed. Previous backers include Onset Ventures, Qualcomm Ventures and Redpoint Ventures.
Update: The company has disclosed the investors in the round. Essar Communications Holdings Limited led the round. Alliance Bernstein, ONSET Ventures, Redpoint Ventures, Richmond Management and Richmond Global Cellular, Citi, Societe Generale, Qualcomm, and Promethean participated. New investors included Essar Communications Holdings Limited and Olayan America Corporation, a global investment office of The Olayan Group.
VB's research team is studying mobile user acquisition... Chime in here, and we’ll share the results.