Bob Borchers: Apple Vet plants first big bet on mobile-pay start up Payfone

Free applications and ads are all fine and dandy in the mobile world, but let’s start keepin’ it real; there is some serious money being bet in the mobile marketplace. Bob Borchers, an ex-Apple executive, and now general partner at Opus Capital Ventures, is placing his first big bet on a mobile commerce start-up Payfone. Payfone is said to have “Built a better mousetrap” and Borchers seems to think so too. Opus has invested $11 million dollars in Series B funding in the startup. Borchers said:

“I didn’t want to bet on a specific application, because that’s a hit-driven business,” he said. “I wanted a great platform that can support a wide range of applications. With Payfone, you can sell apps, ringtones, wallpapers and eventually physical goods. Carrier billing is the be-all and end-all…And they have taken all the friction out of it.”

Payfone’s mobile payment platform allows users to pay using only their phone number for purchases that are then billed directly to the consumer’s prepaid or post-paid carrier. This will allow consumers to easily scan their mobile phone bills and verify the purchases made.

[via WSJ]

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About Tony P
Connoisseur of all that is Mobile Tech.

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