Friday, February 12, 2010

VeriFone Ventures Into Chinese Mobile Payments Firm

San Jose-based Verifone Holdings reported yesterday that it has invested $5.0M in a Chinese, mobile payments firm called Trunkbow International Holdings, Ltd.. The firm said that Trunkbow raised approximately $22.5M, giving the firm about an 8.6 percent stake at a post-money valuation of $65.0M. VeriFone said it has also been named the preferred supplier of payment systems technology to the Chinese firm. Verifone's Albert Liu, the firm's Senior Vice President and General Counsel, joins Trunkbow's board as part of the investment.