August 18, 2009 - 8:55am
PaymentOne announced that it has closed a $7 million round of equity and debt financing led by AER Investments LLC. According to the company, "the new funding will be used to expand and accelerate the organic growth and mobile related product development as well as set the foundation for executing on strategic acquisition targets to complement the company's suite of payment gateway services."
By using the company`s compelling "no credit card required" alternatives, PaymentOne clients have generated over $3 billion dollars of incremental revenue in the last 36 months. The company's flagship PhoneBill™ service allows merchants to have their consumers easily and safely charge fees to landline, broadband and/or mobile phone bills. "The response to our payment services is extraordinary in this market," said Joe Lynam, CEO, PaymentOne. "Growth continues to be fueled by the expanding market of premium digital services, smart mobile devices and the consumers fear and inconvenience of using a credit card for such small ticket items. Factor in the credit card crisis and digital merchants view providing consumers with card alternatives as a must-have versus a nice to have."
AER investment maintains a portfolio of strong relationships with numerous online and mobile-based merchants, and sees PaymentOne as unique stand alone investment opportunity as well as a strategic fit with their merchant portfolio. Managing Director ofAER Warren Rustin said: "We're delighted with PaymentOne's success serving some of the world's top brands in a rapidly expanding market. And, we're very enthusiastic about the growth prospects and the combined merchant value proposition as we integrate our marketing products and expertise with our portfolio partners."
By using the company`s compelling "no credit card required" alternatives, PaymentOne clients have generated over $3 billion dollars of incremental revenue in the last 36 months. The company's flagship PhoneBill™ service allows merchants to have their consumers easily and safely charge fees to landline, broadband and/or mobile phone bills. "The response to our payment services is extraordinary in this market," said Joe Lynam, CEO, PaymentOne. "Growth continues to be fueled by the expanding market of premium digital services, smart mobile devices and the consumers fear and inconvenience of using a credit card for such small ticket items. Factor in the credit card crisis and digital merchants view providing consumers with card alternatives as a must-have versus a nice to have."
AER investment maintains a portfolio of strong relationships with numerous online and mobile-based merchants, and sees PaymentOne as unique stand alone investment opportunity as well as a strategic fit with their merchant portfolio. Managing Director ofAER Warren Rustin said: "We're delighted with PaymentOne's success serving some of the world's top brands in a rapidly expanding market. And, we're very enthusiastic about the growth prospects and the combined merchant value proposition as we integrate our marketing products and expertise with our portfolio partners."