| [July 08, 2008] |
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eCommerce & Mobile Commerce Solution Provider, Mpayy, Inc., Announces Series B Financing
CHICAGO --(Business Wire)-- eCommerce and mobile commerce solution provider, Mpayy, Inc. - https://www.mpayy.com & https://mobile.mpayy.com - announced today that it has closed on its Series B financing. Financing was led by US Bancorp (NYSE: USB) and included a number of private investors. All participants from the Series A re-invested to maintain or increase positions.
"We are thrilled to have a world-class financial institution like US Bank continue as a partner and welcome the value and experience brought by our private investors," said Conrad Sheehan, Founder & CEO of Mpayy.
Mpayy will use the financing to continue its merchant and personal account growth and to enrich its ecommerce, mobile commerce and widget-based payment services.
"We are very pleased to continue with our role in Mpayy and continue to view it as an attractively positioned player in alternative payments with a compelling and unique value proposition" added Mac McCullough, US Bank Executive Vice President and Mpayy Director.
About Mpayy -
Mpayy beta-launched in 1Q 2008 with secure online, mobile and widget payment processing capabilities. Mpayy serves:
-- Individuals - Mpayy provides individuals with free Person-to-Person money transfers through its online and mobile sites as well as its secure social networking widget. When buying from merchants, individuals pay from their checking accounts, and receive Cash Back rewards and similar Chargeback protections to credit cards.
-- Small Business/Independent Salespeople - Mpayy's Mobile Merchant product transforms mobile web-enabled cell phones into mobile Point of Sale systems allowing sales reps, taxi drivers, or fundraisers to take electronic payments.
-- Internet Retailers - Mpayy's Retailer Pro account offers the best price of any merchant processing account serving the internet retail space. Mpayy eliminates fraud liability for the retailer, meets PCI standards and integrates in less than a day.
-- Charities - Mpayy's multi-channel electronic donation platform enables fundraisers to reach donors wherever they are and to make donating fast, simple and secure.
About US Bancorp (NYSE: USB)
U.S. Bancorp with $228 billion in assets is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company provides a comprehensive line of banking, brokerage, investment, mortgage, trust, insurance and payment services to consumers, businesses and institutions. U.S. Bank holds a seat on Mpayy's Board of Directors and is providing infrastructure and operational resources to Mpayy.
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