MoBank Secures Funds

MoBank, a new mobile banking service founded by former First Direct and Egg bankers Steve Townend and Dominic Keen, has successfully raised three-quarters of a million pounds in its second stage of funding.
The funding, secured from private investment companies and individuals, will be used to progress the next stage of design and development of MoBanks financial services product for the Smartphone market.
MoBank will launch in February with a proprietary transactions service that will allow consumers to buy and pay for products from retailers, via a mobile phone. This will quickly be followed by mobile banking and money manager services.
The company is already attracting interest from technology and mobile industry. In  2008 it won a Red Herring 100 award for the best start-ups in Europe; and also won the Oxford Siad Business Venture Award 2008.