Paymo Pockets $5M

San Francisco-based Paymo said Thursday that it has raised $5M in seed financing for the firm's global micro-payments service. The funding came from unnamed angel investors based in both the U.S. and Europe. Paymo said it is creating a micro-payment system for digital content and services, targeted at allowing mobile phone users to buy content and services from online merchants. The firm said the funding will go towards product development and marketing. Paymo was formerly known as mTN Global. More information »