Nokia bets on mobile-banking space through Obopay
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Bangalore: Betting on the mobile-banking market, where globally the number of users is expected to grow to 913 million by 2014 globally, handset manufacturing giant Nokia, has invested in a minority stake in Obopay, a U.S. based mobile payment company. The handset maker did not invest through its venture arm rather it has used corporate money for the deal. The amount invested is not disclosed. However, Nokia made a regulatory filing this month for the sale of up to $70 million in preferred stock, reports Associated Press. The filing noted that Nokia's head of corporate business development, Teppo Paavolo, will get a seat on Obopay's board. Earlier, Obopay had raised $69 million from venture capital firms like AllianceBernstein, Essar Telecom, ONSET Ventures, Redpoint Ventures, Richmond Management, and Wolfensohn & Company, L.L.C. In 2006 it had also raised $7 million from cellphone chipmaker Qualcomm. Some of the other players in the mobile banking field include eBay's PayPal Mobile and India based mChek.

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