The Future of Mobile

mBlox Completes Funding Round

Andy Penfold

Mobile payment network mBlox has announced that it has secured further investment. The company says the new funds will be used for enhancing geographic coverage though acquisition and through setting up new territories. 

The newest contributor to the investment fund was Singapore's EDB Investments

mBlox CEO Andrew Dark says: "This round provides us with sufficient capital to fund future acquisitions and I am delighted to welcome EDBI to mBlox. We are excited by EDBI's strong support, in particular, benefitting from its in-depth knowledge of the Asia-Pacific region which is a focus for our geographic expansion."

Chu Swee-Yeok, CEO of EDBI says: "[mBlox's] strategy of positioning Singapore, one of the most highly connected countries in the world, as its Asian hub will allow mBlox to capitalise on opportunities created by the rapidly growing mobile commerce industry in the Asia Pacific region. We look forward to supporting mBlox in its plans to develop new capabilities and services in Singapore for international markets, as well as driving its expansion plans by leveraging on our extensive networks and connections in the region."

Norwest Venture Partners, Scale Ventures, Novus, Trident and Avanti also invested in this round of fund raising.