Billing Revolution, the leading provider of frictionless mobile payments, today announced its $6.6 million in Series B funding, led by global venture capital firm, DCM, and returning founding investor, SK Telecom Ventures.
The company allows mobile users to purchase digital and physical items across all mobile operating systems with a single click, solving an important pain point and adding ease of use for consumers in mobile payments.
Billing Revolution's PCI compliant platform is in use today and was built by an experienced team that comes from Microsoft, AT&T, T-Mobile, and Nokia. This latest funding round will enable market expansion by adding new marketing, business development and product staff. The company's goal is to serve the growing demand for Billing Revolution's Single-Click Checkout. Whereas standard web checkout conversion rates are typically in the low single digits, Single-Click Checkout increases mobile checkout rates to 36% for first time users and 78% for second time users.
"Billing Revolution has built a disruptive technology that can fundamentally change how consumers buy from their mobile phones and tablets," said David Chao, co-founder and general partner at DCM. "When compared to carrier billing, Billing Revolution's proprietary technology creates almost 50% fewer clicks for the user. Less friction means more revenues for partners. We are excited to add Billing Revolution to our portfolio of companies."
According to a Juniper Research report, nearly half of all mobile phone users worldwide will pay by mobile device for digital and physical goods by 2014, representing growth of nearly a billion users compared to 2010. Additionally, the global mobile payments market is forecasted to be $630 billion by 2014, up from $170 billion in 2009. Billing Revolution's patented Single-Click Checkout puts the company on the forefront of that significant growth, by simplifying the mobile payment process at a time when users are demanding it most.
"We are pleased to have DCM join us as a new partner to help us take the company to the next level," said Rob Trice, senior managing director at SK Telecom Ventures. "With the current dynamic growth in mobile app and web usage and with NFC soon to arrive, better approaches to mobile billing are needed. Billing Revolution's extensible IP platform is perfectly positioned to play a major role in defining and partnering in these new categories."
Andy Kleitsch, founder and CEO of Billing Revolution, continued: "We are grateful for the opportunity to partner with DCM and to continue our relationship with SK Telecom Ventures as we move the company to the next level. We are actively working to expand our relationships with banks, global gaming publishers, handset OEMs, app stores, retail merchants, and mobile operators and this additional funding allows us to better serve our partners and provide a better user experience to mobile consumers."