Omidyar Backs Zambian Mobile Payments Firm

Redwood City-based Omidyar Network, the investment firm of eBay founder Pierre Omidyar, along with ACCION International, said Wednesday that they have backed Mobile Transactions International, a Zambia-based company which is enabling mobile financial payments and transactions. The two investors said they invested $3.2M in the firm, as part of a $4M investment round which included $500,000 in converted debt funding from the Mennonite Economic Development Associates. Mobile Transactions is looking to replace cash transactions in Zambia with mobile payments. Arjuna Costa, Director of Investments at Omidyar, is joining Mobile Transactions' board as part of the funding. More information »