Chairman and founder of Hall Financial Group, Craig Hall will soon invest $5 million in mobile payment startup, Dallas-based firm Calpian.
Calpin offers mobile payment processing solutions within the US, in addition to its Money-on-Mobile subsidiary Indian subsidiary. The new found investment will help grow US offerings and to help advance its Indian entity, to which $1 million was already invested.
Money-on-Mobile is a pre-paid SMS based money transfer service. According to numbers provided by Calpian Money-on Mobile has transferred payments from 84.3 million unique phone numbers. Over 179,000 Indian retailers accept Money-on-Mobile as a payment method.
“The global market for mobile payments is rapidly expanding, with India being the most compelling market of all. Calpian’s technology is providing a range of new financial solutions that will make a difference to the lives of a large group of consumers in a country I have always found fascinating. With this investment, we hope to help expand Money-on-Mobile’s presence in India,” Craig Hall said in a statement.
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In addition to the investment, Hall will serve as an advisor for Calpian. He will focus on financial matters and will stay on for a period of 3 years.
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