The Redwood City, Calif., mobile phone payment company Obopay Inc. has secured $20 million in its fourth round of financing.
Obopay said last week that it would use the money to market its service in the United States and to continue developing mobile payment networks in other countries.
In addition, Obopay said that it had named two new directors: K.B. Rajendran, a senior vice president of Essar Global Ltd., the Indian conglomerate that led the most recent funding round, and Robert G. Hottensen, the senior vice president for public equity at Olayan America Corp., the U.S. private-equity unit of the Saudi conglomerate Olayan Group.
Several previous investors participated in the latest round of financing, including Citigroup Inc., Societe Generale AG, Qualcomm Inc., AllianceBernstein Holding LP, Onset Ventures, and Redpoint Ventures.
Some Obopay employees also joined the funding effort, using their Obopay accounts to make the payments, the company said.
Obopay offers a service that lets people to send and receive transfers through their mobile phones.
