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Nokia buys into mobile payment startup Obopay

By Peter Svensson

26 Mar 2009

USA: Nokia, the world's largest maker of cellphones, is making a large investment in a California-based startup that wants to make the mobile phone the credit card of the developing world.

The amount of Nokia's investment in Obopay of Redwood City was not disclosed Wednesday, 25 March 2009, but the startup made a regulatory filing this month for the sale of up to US$70 million in preferred stock. The filing also noted that Nokia's head of corporate business development, Teppo Paavolo, will get a seat on Obopay's board.

The investment is coming from the Finnish cellphone maker's corporate funds, not its venture arms, because Nokia wants a close collaboration with Obopay, said Olivier Cognet, a business-development executive at Nokia.

Read the full article here.