Mobile payments platform Beamit, which focuses on international money transfers between the U.S. and developing markets, has just closed a $2.4 million seed round led by Founder’s Co-op, with participation from Bezos Expeditions (the personal investment company of Jeff Bezos), TomorrowVentures (the investment vehicle for Eric Schmidt) and a small group of angel investors.
Mobile Payments Startup Beamit Raises $2.4M From Founder’s Co-op, Jeff Bezos, Eric Schmidt & Others
The funds will be used to further product development as the company moves towards public availability, currently slated for Q3 2012. The company says the first market being targeted is the Philippines.
Beamit CEO Matt Oppenheimer formerly ran Barclays Bank’s mobile banking unit in Kenya, which has given him first-hand experience in both mobile banking and the challenges that come from working in developing markets.
“Before starting Beamit, I was living in Nairobi, Kenya where I was running Mobile and Internet Banking Initiatives for Barclay’s Bank Kenya,” explains Oppenheimer. “Many Kenyans received money in an old and antiquated way using a cash-based system on both ends but it was an expensive and a painful customer experience. I knew that there was the opportunity to leverage digital channels, including mobile phones, to improve the lives of our customers, so I returned to the USA in May 2011 to start Beamit.”