"Person to person" online money transfer company, iKobo, Inc. has announced that it completed a $4 million Series C financing round. The funding round was led by Greenhill SAVP, with additional financing support from existing investors, including Total Technology Ventures LLC and Council Ventures.
The new capital infusion will be used by iKobo to rapidly expand its marketing efforts and rate of growth. Additionally, the company announced plans to open an office in New York focused on business/channel development activities in the largest and most concentrated remittance market in the world.
"I've been in this industry since the mid-80's with American Express, Western Union and Moneygram and I've never been more excited about an opportunity. Our on-line, "agentless' product addresses the key sender concerns of safety and security when they are sending money as well the safety and security when their family member receives the funds by using re-loadable VISA debit card instead of an agent on that end," said Jeffrey McConnell, President and CEO of iKobo.
"Having our existing investor group be joined by a firm of the caliber of Greenhill is a testament to the hard work of all our employees and the tremendous value our products bring to our customers in this rapidly growing market."
In addition to securing its recent funding round, iKobo also announced that Brian Hirsch, Managing Director of Greenhill SAVP, and Robert Hyer, Jr, Managing Director Greenhill have joined the company's board of directors. Other board members include;
James Balkcom - Chairman , Civilian Aide to the Secretary of the Army for Georgia and Consultant/Executive Coach with Corporate Psychology Resources
John G Chamberlin, a strategy consultant and technology investor
Katie Gambill, Founder, Partner and CEO of Council Ventures
Gardiner Garrard, Founder and Managing Partner of Total Technology Ventures LLC
Jeffrey McConnell, President and CEO of iKobo.
iKobo (www.ikobo.com) enables customers to send money online any time of the day or night to over 145 countries. The recipient is sent a re-loadable Visa debit card protected by a PIN (personal identification number) the first time they are sent money. Each new transaction is instantly loaded to the Visa debit card. With their iKobo Visa debit card, the recipient can access money anytime at ATMs or POS terminals in over 145 countries worldwide or spend their money anywhere Visa is accepted.
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