Nokia buys into mobile payment startup Obopay

The amount of Nokia's investment in Obopay of Redwood City was not disclosed Wednesday, 25 March 2009, but the startup made a regulatory filing this month for the sale of up to US$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.

The investment is coming from the Finnish cellphone maker's corporate funds, not its venture arms, because Nokia wants a close collaboration with Obopay, said Olivier Cognet, a business-development executive at Nokia.

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