Indian founded MPOWER Mobile on its way to raise $5 Million

By SiliconIndia   |    7 Comments
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Bangalore: Mobile commerce and payments firm MPOWER Mobile, is in the process of closing a $5 million second round of funding. The company has announced that it has received strategic investments from Maples Investments, along with the participation of Todd Smith, Founder of Tivoli.

According to the company, the funds will support the company's expansion into key markets and continued technology development. As reported by mocoNews.net, in conjunction with the investment, Smith will support the company by providing strategic guidance on technology development for the company's suite of mobile payments applications.

Founded in 2005 by technology entrepreneurs Moneet Singh and Neeraj Bansal, the company claims that by harnessing the mobile phone's ubiquity and universal functionality like SMS, MPOWER Mobile delivers financial services through the mobile handset - including the ability to send money, accept payments and make purchases - to consumers across the world. Bertrand Sosa, who serves as MPower Mobile's CMO (Chief Marketing Officer) said that the second round would likely to close within the next 45 days. The company is developing credit-card and debit-card processing apps for mobile phones; its products are currently used by m-commerce companies in Latin America, Europe and Asia. The new money will help fund MPower Mobile's expansion in the U.S.

Based in Austin, Texas, MPOWER Mobile is also backed by MPOWER Ventures. MPower Mobile, formerly called Sapphire Mobile Systems, was taken over and re-branded by Austin-based MPower Ventures, a boutique investment firm focused on funding startups working on payment platforms. Currently, there about 30 employees in the company.

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