Mobile payments provider Zong has raised $15 million in funding from a round led by Matrix Partners.
The Palo Alto-based company is in the lucrative market of virtual currency for social gaming and has recently scored a major deal with Facebook to power-up their virtual currency platform – Facebook Credits.
Beyond Facebook, Zong also works with thousands of other merchants in the virtual worlds space like IMVU, online gaming and digital content properties.
Their killer proposition is that they bring carrier billing and multiple payment sources (like credit or debit) together, making the process pretty simple for the impulse buyer. This strategy obviously works, as they managed to convert shoppers into buyers at rates of 10 times greater than a traditional payment.
Zong was formerly a division of Echovox but is now a standalone business. It takes 5-10% from each purchase and has so far reached over 1.5 billion mobile users across 30 countries.
[Via: vator.tv]