Nokia makes high-dollar investment in mobile payments startup
Yahoo! News: Nokia Corp., the world's largest maker of cell phones, is making a large investment in California-based Obopay Inc., a startup that's pushing person-to-person mobile-payments technology. The amount of the investment was not disclosed, but the startup made a regulatory filing this month for the sale of up to $70 million in preferred stock. The filing also noted that Nokia's head of corporate business development, Teppo Paavolo, will get a seat on Obopay's board. Obopay's service, available in the United States and India, lets people pay each other through text messages or other cell phone applications. The funds can come out of bank accounts or credit cards. People who lack bank accounts can prepay funds into a Obopay account.