Verizon, Rogers Invest In Payfone

Payfone attracts $19M investment to close one of the largest funding rounds in the mobile payments market to date

April 13, 2011

1 Min Read

NEW YORK -- Payfone (www.payfone.com), a leading provider of mobile payments, today announced the closing of its $19 million strategic funding round, making it one of the largest mobile payments funding rounds to date. American Express is the largest strategic investor in this round of funding, with additional investment from Verizon Investments Inc. (assisted by Verizon Ventures), Rogers Ventures and from existing investors Opus Capital, BlackBerry Partners Fund and RRE Ventures. Payfone's new funds will be used to continue innovations in its market approach and to support its global expansion across North America, EMEA, Latin America and Asia.

"The payments industry is going through a fundamental transformation, with the move to digital payments becoming the primary driver. Payfone is well positioned to lead the next wave of innovation in mobile payments and commerce and we look forward to working with the Payfone leadership team to evolve Serve, our new digital payments platform, to provide the most flexible and secure payment solutions for buyers and sellers," said Dan Schulman, Group President, Enterprise Growth, American Express.

Verizon Communications Inc. (NYSE: VZ)

Rogers Communications Inc. (Toronto: RCI)

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