Mobile-on-Money bags $ 29.7 million from Calpian

Calpian’s first outside of the US

Mobile-on-Money (MoM), the mobile payment platform operated by Mumbai-based My Mobile Payments Ltd (MMPL), has raised $29.7 million in funding from Texas-based electronic payment processor Calpian Inc. The funding consists of $9.7 million in cash and 6,123,077 in common stock and is an indirect investment into newly formed Digital Payments Processing Limited (DPPL) which has entered a service agreement with MMPL. The investment is Calpian’s first outside of the US.

MoM was founded in 2010 and provides mobile wallet services that can be accessed via SMS so its solution isn’t limited to smartphones and can be tapped into by all of the 900 million mobile subscribers in India. The company is looking to bring mobile payments to the masses with money transfers, mobile and DTH recharge, domestic remittances and the buying travel and cinema tickets.

MoM claims to have a network of around 55,000 retailer touch points in 200 cities across India and a user based of around 2.7 million.

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