Obopay scores $70M from Nokia for mobile payments
Obopay, provider of a mobile service that lets people transfer money to one another through text messages, just received an investment from Nokia, estimated at $70 million. [Update: It turns out that not all of this money came from Nokia, as most people reported. There were other undisclosed investors involved. TechCrunch suggests that several of Obopay's old-faithful firms also chipped in, including Qualcomm, Redpoint Ventures, Onset Ventures and Richmond Management, but nothing has been confirmed.]… Continue Reading
SolarReserve promises a first in energy storage with $140M solar power financing
The problem with solar power is that it only works when the sun is shining. Once the sun goes down, there’s no more power. SolarReserve hopes to change that, with a design it says can store solar power at 99 percent efficiency.
SolarReserve’s basic technology is similar to that of other companies, including Ausra, Brightsource and eSolar. Called solar thermal power, it uses mirrors to reflect sunlight onto a centralized structure, in this case a tower…. Continue Reading
Revolution Money raises $50M to take on PayPal, upend credit card industry
Revolution Money, a new company backed by former AOL chief executive Steve Case, has launched a free online money transfer service to compete with PayPal. It has landed $50 million in a second round of funding.
The service is designed to be used on fast-growing instant messaging services such as AOL’s AIM and other social networking sites, and could appeal to younger users who balk at PayPal’s fees.
The Largo, Florida company is also offering a credit… Continue Reading
Obopay adds $29M to warchest, amid competition in mobile payments
Obopay, the Redwood City, Calif. company that lets you send payments to people from a mobile phone, has raised $29 million more in a third round of funding.
The service launched last year, and it’s not clear how much traction it has. The funding announcement was made quietly, after the fact (see wording), quite low-key given the intense competition the company is facing in mobile payments. There are at least eight other players, ranging from… Continue Reading