BOKU, a specialist in online mobile payments, has secured $35 Million in funding. Investors include New Enterprise Associates (NEA), Telefónica Digital, the growth arm of the global telecoms leader, as well as previous investors. Additional participants in the round include Andreessen Horowitz, Benchmark Capital, DAG Ventures, Index Ventures and Khosla Ventures. The funding will be used to expand the team, broaden infrastructure and continue BOKU's global expansion that started in 2009.
"Payments is an industry that requires scale, and in the three years since BOKU launched we've grown rapidly to partner with more than 250 mobile network operators, processing transactions in 67 countries around the world," said Mark Britto, CEO of BOKU, Inc. "We see this investment as a clear vote of confidence from our new partners at NEA and Telefónica. They recognize that we've established a mobile billing system that offers bank grade technology on a global scale; this strategic investment will help us expand our business as well as facilitate the growth of our new BOKU Accounts platform."
"Payments are going mobile and we want to be at the forefront of this trend," said Matthew Key, Chairman & CEO, Telefónica Digital. "BOKU has quickly established itself as a true innovator in the mobile commerce space and this investment gives us access to their tools, infrastructure and know how, ideally complementing our own mobile payments expertise. In addition to the investment we are also embarking on a global partnership with BOKU to enhance our operator billing capabilities and the overall payment experience through our future mobile wallet services."
Tracy Isacke who runs the Venture Capital arm of Telefónica Digital and is based in Silicon Valley led the investment in BOKU.
"BOKU has built a phenomenal business around online mobile payments," said Ravi Viswanathan, PhD, General Partner at NEA. "The next step is bringing mobile payments offline, and that's what BOKU Accounts accomplishes. It works on all mobile operating systems across all hardware types, and applies for all subscribers. We look forward to partnering with BOKU as they take their offering to a whole new level."
BOKU has raised a total of $75 Million in a series of funding rounds starting in 2008 when the company was formed. The company operates in 67 countries around the globe and partners with 250 mobile network operators.