MoBank, a new mobile banking service founded by former First Direct and Egg bankers Steve Townend and Dominic Keen, has successfully raised three-quarters of a million pounds in its second stage of funding.
The funding, secured from private investment companies and individuals, will be used to progress the next stage of design and development of MoBank's financial services product for the smartphone market.
MoBank will launch in February 2009 with a proprietary transactions service that will allow consumers to buy and pay for products from retailers, via a mobile phone. This will be followed by mobile banking and money manager services.
"This latest round of funding will be used to develop the MoBank service," said Steve Townend, Chief Executive of MoBank. "We'll be announcing our initial range of services in February. We will continue developing the service through 2009."