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Boku, Inc.

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Boku
Company typePublic
AIM: BOKU
IndustryPayment service provider
Founded2009; 15 years ago (2009)
Founder
  • Mark Britto
  • Ron Hirson
  • Erich Ringewald
  • Javier Martell
Headquarters
San Francisco, California
,
U.S.
Areas served
Worldwide
Key people
  • Stuart Neal (CEO)
  • Adam Lee (CRO)
  • Keith Butcher (CFO)
Websitewww.boku.com

Boku, Inc. is a mobile payments company that allows businesses to collect online payments through both carrier billing and mobile wallets, and is headquartered in San Francisco, California. Boku utilizes mobile network operator (carrier) data for consumers online. Boku operates in over 90 countries globally, offering a bank-grade payment system.[1]

In 2020, Boku processed over one billion billable transactions and processed over $7 billion in payments volume.[citation needed]

History

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Boku was founded in 2009 by Mark Britto, Erich Ringewald and Ron Hirson[2] using the combined assets of Mobillcash Ltd. and Paymo, Inc. Boku raised a $13 million Series A investment from Khosla Ventures, Index Ventures and Benchmark.[3]

A year later, in 2010 Boku raised an additional US$25 million Series C investment, led by DAG Ventures.[4] In 2012, Boku raised another US$35 million, Series C investment led by NEA and existing venture capital investors.[5] In 2016, Boku again raised an additional US$13.75 million led by a consortium of UK investors along with GMO Payment Gateway.[6][7] In total, Boku has raised more than $91M in venture capital funding from Benchmark Capital, Index Ventures, Khosla Ventures, DAG Ventures, Andreessen Horowitz, New Enterprise Associates, Telefónica, and GMO Payment Gateway.

On November 20, 2017, Boku listed its shares on the London Stock Exchange (AIM) through an £125 million initial public offering.[8]

Expansion

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In 2012, Boku launched mobile wallet payments with GCash in the Philippines.[9]

In 2013, Boku announced the acquisition of Indian-based Qubecell.[10]

In 2014, Boku launched mobile payments for the Sony PlayStation Store.[11] The same year, they acquired German-based carrier billing provider Mopay.[12]

Boku acquired Mobileview, giving the company access to all four major mobile operators in Italy.[13][14] In 2017, Boku exceeded $1B in annual payment volume for the first time.[15]

In 2018, Boku acquired Danal to add mobile authentication services that secure consumer accounts and transactions.[16]

In 2020, Boku acquired Fortumo, a carrier billing company, and recorded revenues of $54.6 million.[17]

Through its subsidiary, Boku Network Services IN Pvt. Ltd., Boku Inc. has obtained complete clearance from the Reserve Bank of India (RBI) to operate as a Payment Aggregator in India. This progress comes after the first in-principle permission that was given on 31 January 2023.[18]

Partnerships

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Boku's payments customers include Apple Inc., Google, Sony, Microsoft, Facebook, Tencent, Spotify, Electronic Arts, DAZN and Riot Games amongst others.[citation needed] Payments partners include mobile operators Vodafone, Verizon, Jio, Deutsche Telekom, Telefónica, Saudi Telecom (STC), SK Telecom, Zong and mobile wallet providers LINE Pay, KakaoPay, RabbitLinePay, GCash, GoPay, OVO, Dana, GrabPay.[19]

Products and services

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Boku provides businesses with the ability to accept mobile payments (direct carrier billing and mobile wallets) online from consumers.[20] Boku also offers a subscription bundling product, named Trident, that enables subscription services to be offered to consumers through a mobile network operator.[21] Additionally, Boku offers mobile identity products that utilize mobile network operator data in order for consumers to verify their identity in order to complete transactions online.[22]

Recognition and awards

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In 2011, Mobile Trax awarded Boku their Mobility Award.[23] In 2011[24] and 2013, Forbes selected Boku for their 25 most promising companies in America list.[25]

In 2014, Boku won the "Best Alternative Payments" award at 2014 Payment Awards.[26]

In 2020, Boku won the "Future Digital Awards" for Best Mobile Money Offering and Fraud Detection and Prevention Innovation.[27]

See also

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References

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  1. ^ "Boku, Digi to launch mobile identity services for fraud protection in Malaysia". thepaypers.com. Retrieved 2021-05-03.
  2. ^ London Stock Exchange “BOKU, INC.”. Retrieved 22 May 2024.
  3. ^ Chapman, Lizette. "Mobile-Payments Co. Boku Gets Indian Carriers With Qubecell Acquisition".
  4. ^ Peter Kafka (19 January 2010). "Another Big Bet on Mobile Payments: Boku Raises $25 Million". All Things Digital. Retrieved 19 September 2016.
  5. ^ Ingrid Lunden (15 March 2012). "Mobile Payment Startup BOKU Raises A $35M Round. NEA, Telefonica Among The Investors". Techcrunch. Retrieved 19 September 2016.
  6. ^ Mannes, John. "Boku locks down another $13.75M to fund carrier connections for global expansion". TechCrunch. Retrieved 2017-09-15.
  7. ^ Gedalyah Reback (September 2016). "Direct carrier payments get a boost as startup Boku scores $13.75 million funding round". Geektime. Retrieved 19 September 2016.
  8. ^ Joshua Warner (20 November 2017). "DIRECT CARRIER BILLING FIRM BOKU JOINS AIM VALUED AT GBP125 MILLION (ALLIPO)". Alliance News Limited. Retrieved 12 February 2018.
  9. ^ "GCash Now Works Anywhere Thanks To BOKU Partnership With Globe Telecom". Retrieved 2021-05-03.
  10. ^ Lizette Chapman (21 November 2013). "Mobile-Payments Co. Boku Gets Indian Carriers With Qubecell Acquisition". WSJ. Retrieved 19 September 2016.
  11. ^ "Boku launches direct carrier billing on Sony's PS4". www.telecompaper.com. Retrieved 2021-03-28.
  12. ^ Ary Levy (October 2014). "No slowdown in payments as Boku buys mopay". CNBC. Retrieved 19 September 2016.
  13. ^ "Boku acquires Italian mobile payment provider". www.mobilepaymentstoday.com. 2015-08-13. Retrieved 2017-09-15.
  14. ^ Tech Team (18 August 2014). "Mobile Payment Startup Boku Acquires Mobileview Italia to Expand Carrier-Billing in Europe". The Fast Mode. Retrieved 19 September 2016.
  15. ^ "History & Development". Boku Inc. Retrieved 2021-03-28.
  16. ^ "Mobile payment co. Boku acquires Danal for up to $68M to add user authentication". TechCrunch. 6 December 2018. Retrieved 2021-02-23.
  17. ^ "Mobile payments outfit Boku to buy Fortumo". Finextra Research. 2020-06-17. Retrieved 2021-02-23.
  18. ^ "The Global Reach of Boku: Reserve Bank of India Backs Boku for Payment Aggregator Services". Daily Excelsior. 2023-05-30. Retrieved 2024-04-22.
  19. ^ Justin Llewellyn (11 April 2016). "Xsolla & Boku: Gateway to Drive Mobile Business". Xsolla Blog. Retrieved 19 September 2016.
  20. ^ PYMNTS (2018-12-06). "Boku Buys ID Authentication Co. Danal For $68M". PYMNTS.com. Retrieved 2024-05-30.
  21. ^ Paul Sawers (26 February 2015). "Boku launches 'phone-on-file' carrier billing to replace credit cards with phone numbers". Venturebeat. Retrieved 19 September 2016.
  22. ^ press release (29 April 2016). "Spotify enlists Boku for carrier billing in Germany and Italy". Finextra. Retrieved 19 September 2016.
  23. ^ Admin (25 March 2011). "Boku Wins the 2011 Mobility Award for Mobile Commerce". Boku Blog. Retrieved 19 September 2016.
  24. ^ Brett Nelson, J.J. Colao and Max Mallet (30 November 2011). "Americas Most Promising Companies". Forbes. Retrieved 19 September 2016.
  25. ^ Brett Nelson, J.J. Colao and Max Mallet (February 2013). "Americas Most Promising Companies". Forbes. Retrieved 19 September 2016.
  26. ^ Scott Thompson (21 November 2014). "2014 Payments Awards: winners announced". Retail Systems. Retrieved 19 September 2016.
  27. ^ "Juniper Research Recognizes Boku with two 'Future Digital Awards'". GlobeNewswire News Room. 2020-10-01. Retrieved 2021-05-03.
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