Mobile payment provider Mo9 closes Series B round

Mobile-based credit service, Mo9, has secured millions of dollars in Series B funding from the Bertelsmann Asia Investment Fund, and Sequoia Capital.

Founded by a group of former PayPal employees, the company is run by Chinese outfit Gamax Interactive but based in San Francisco. 

It enables users to play games first, and then pay back any outstanding bills they may have accumulated.

The bills must be paid back within a 7 day period.

However, users who build up a higher credit rating, in a credit system based on account records, are likely to receive higher credit lines.

Expansive

The service has been pulling in users on a global scale, perhaps as a result of its easy registration process, where only a telephone number is needed to set up an account.

Mo9 reportedly has hundreds of thousands of active users, with the service covering over 50 games in China, while also providing services in the US, Canada, Australia, Brazil, Germany, and Malaysia.

[source: Technode]