Paying for goods with a cell phone has been a pipe dream for a long time. Paymo is the latest company that enables merchants to set up a cell-phone payment system. The company has raised a $5 million seed round of funding.
See the company’s full press release here.
Margaret Mackenzie, chief financial officer, told VentureWire that the amount was a convertible note and declined to name the angels who contributed.
Paymo was founded in 2007 with the goal of making it easier for consumers to purchase digital downloadable goods with a phone. The company places a Paymo button on mobile Web sites. Mobile users click the button, enter their mobile number, get a confirmation text and respond. The purchase is then downloaded. The company said the system is in place in 25 countries.
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Paymo has 11 employees and is based in San Francisco. Its competitors include eBay’s PayPal division.
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