PlaySpan, a provider of digital goods micro-transaction and payment solutions, has raised $16.8 million in Series B investment from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, STIC and other undisclosed investors. This new capital brings the company's total funding to $24 million. The new funding will be used to expand into Europe and Asia and to grow PlaySpan's global publisher and user-base.

"Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions. We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model," says Karl Mehta, Founder & CEO of PlaySpan.

The pay-as-you-go model has gained rapid adoption and is poised for tremendous future growth because it gives consumers more control over their entertainment experience and offers publishers expanded revenue opportunities. PlaySpan offers publishers and developers a complete out-of-the-box platform for managing secure, efficient micro-transactions, virtual goods sales, global alternative payments and peer-to-peer trading. PlaySpan's platform enables any developer to monetize any content at any price for any user in any country.

The PlaySpan platform supports more than 200 games in aggregate from publishers such as Aeria Games, Eve Online, Gala-Net, GamersFirst, Gravity, Ntreev, Outspark, Saga and YNK and yet-to-be-announced publishers reaching over 100 million online gamers worldwide.