For Immediate Release
May 16, 2011Contact: Jennifer Moranz, (415) 278-1727 -jennifer@billingrevolution.com
Billing Revolution Secures $6.6 million in Series B Funding
Company plans to expand product, marketing and business development
SAN FRANCISCO, Calif. – May 16, 2011 – 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.”
About Billing Revolution
Billing Revolution is a mobile payments company based in Seattle and San Francisco that has received over $10MM in venture funding from DCM and SK Telecom Ventures. Billing Revolution’s unique “Single Click Checkout” allows mobile users to single click to purchase digital and physical items globally across all mobile operating systems (Apple, Android, Symbian, RIM, WP7, Bada, webOS). As an alternative to carrier based billing platforms, Billing Revolution’s solution serves smart and feature phones and tablets and is payment agnostic supporting credit cards, debit cards, P2P, stored value cards, ACH, and Amazon. Billing Revolution’s global platform provides frictionless payment solutions for carriers, mobile OEM’s, game publishers, mobile app store operators, merchants and retailers.
About DCM
DCM is an early stage venture capital firm that has been helping entrepreneurs build world-class technology companies since 1996. The firm’s partners manage six funds totaling US$2 billion, and have made investments in more than 140 technology companies across the United States and Asia. With offices in Silicon Valley, Beijing and Tokyo, DCM provides hands-on operational guidance and a vast network of business and financial resources to its portfolio companies globally. DCM has backed industry leading companies such as 51job (NASDAQ:JOBS), About.com (acquired by The New York Times Co.), Clearwire (NASDAQ:CLWR), eDreams (acquired by TA), Foundry Networks (NASDAQ: FDRY), Kabu.com (TSE Main: 8703), Sling Media (acquired by EchoStar), SMIC (NYSE: SMI), and VanceInfo (NYSE: VIT) as well as upcoming startups such as Bridgelux, Happy Elements, Mbaobao, PapayaMobile, Renren, RockYou, Sandforce, Trion Worlds, Ustream, and Vipshop. Recent exits include three new China-based IPOs: BitAuto Holdings (NYSE: BITA), Dangdang Inc. (NYSE: DANG), and Shanghai Luxin (SZSE: 002565) and two US-based exits: Fortinet (NASDAQ: FTNT) and PGP (acquired by Symantec).
About SK Telecom Ventures
Headquartered in Menlo Park, California, SK telecom ventures (www.sktvc.com) is a dedicated venture capital fund with US $100m under management that looks to make financial returns on investments through funding internet, mobile, and digital media companies that can leverage the fund's sole limited partner, SK telecom. SK telecom (www.sktelecom.com) has an international reputation for delivering innovative media, mobile, and internet services in the cutting-edge market of South Korea. It is leveraging its technology expertise and operational know-how to advance overseas into new markets such as the United States and China. SK telecom ventures is based in the United States but pursues investment opportunities globally and is willing to lead or co-lead investment rounds.
