Issued by iKobo, Inc.
Atlanta, Georgia – October 16, 2007 – iKobo, Inc., a leader in on-line peer-to-peer agentless money transfer services, today announced that it has secured a million venture loan from MMV Financial Inc. iKobo is a venture-backed company whose investors include Total Technology Ventures of Atlanta, Greenhill SAVP, and Council Ventures.
Using the iKobo portal (http://www.ikobo.com/), users can register and load money onto a Visa-branded prepaid card which is then couriered to the intended recipient within 24 hours anywhere in the world. The recipient can then use the prepaid card to withdraw funds from over one million ATM’s worldwide or any point-of-sales where Visa® is accepted, avoiding the requirement to go through an agent.
“iKobo offers a compelling value proposition because it provides a more economical and efficient way to send funds to anyone who has access to an ATM worldwide,” commented Ron Patterson, Executive Vice President of MMV Financial Inc. “MMV believes there is significant opportunity in providing an agentless transfer service as an alternative to the existing services provided today. Furthermore, MMV is excited about this opportunity as it is MMV’s first investment in the State of Georgia, a market we intend on opening further in the near future.”
“This funding allows us to grow our marketing resources and expand markets to take advantage of this exciting opportunity,” said Blake Patton, CEO of iKobo. “MMV were quick to recognize the value proposition and we are pleased to be working with them.”
Based in Atlanta, Georgia, iKobo offers the market a better, faster, safer and more economical solution to international person-to-person money transfers. Leveraging modern technologies and an on-line customer interface, iKobo today offers a secure solution that is vastly superior to traditional agent-dependent companies. iKobo uses an open network of VISA merchants and ATMs numbering more than 25 million which is more convenient and safe to send and receive money than a closed network of independent agents. iKobo allows consumers to use credit cards, debit cards, bank accounts or MyCheckFree on-line to send a re-loadable Visa® Prepaid Card to recipients. For more information, please visit http://www.ikobo.com/.
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial Inc., and Wells Fargo Company.
For more information please visit www.mmvf.com.
MMV Financial Inc.
Executive Vice President
Chief Marketing Officer