Stream Media Raises S$1 Million To Unify Mobile In-App Payments

Stream Media, a Singapore based mobile payment startup, has announced that it has successfully raised S$1 million in Series A funding from Stream Global and Sintel Innov8. Stream Media flagship product is MoVend, a global platform for mobile in-app transactions.

movend Stream Media, a Singapore based mobile payment startup, has announced that it has successfully raised S$1 million in Series A funding from Stream Global and Sintel Innov8. Stream Media flagship product is MoVend, a global platform for mobile in-app transactions.

MoVend (Mobile Vending), which was launched in July 2010 for Android devices allows users to make payments without having to leave the apps.

MoVend provides a host of features like user and license management, sales tracking and analytics besides the traditional features such as payment collection via PayPal or other payment gateways. MoVend supports a host of business models like one time activation or monthly subscriptions based payments. MoVend can be easily integrated into mobile apps, thereby freeing developers of setup fees, development costs or maintenance expenses. Due to these reasons, Stream Media believes that MoVend will enable mobile app developers to focus solely on building quality apps, without having to worry about monetization.

Stream Media plans to use the proceeds from the current round of funding to aggregate all major payment options for mobile in-app transactions in a bid to make it easier for mobile app developers to navigate the immensely fragmented mobile payments market. According to Chua Zi Yong, CEO of Stream Media:

Developers will be able to incorporate the MoVend software development kit (SDK) effortlessly into their mobile applications. The product resolves users’ problems of fragmented payment options and developers’ headaches of monetizing their applications.

We plan for MoVend to become the uniform payment mechanism to enable in-app and virtual goods transactions in all application stores. We have closed app distribution deals with original equipment manufacturers (OEMs) and operators to use MoVend for their appstores, and will help developers who use our SDK to publish and market their apps in these channels. We will also preload selected high quality games into devices to boost our developers’ revenue.

Stream Media plans to roll out operator billing, which is only available in Singapore at the moment, to its worldwide audience by the end of Feb. Credit card procession option, Virtual goods and pre-paid options are expected to be rolled out in Asian countries by the end of April.

Stream Media also plans to release its MoVend platform for Apple iPhone, BlackBerry OS and Windows Phone 7 mobile devices before the end of 2011.

Watch MoVend Introduction video here, to learn more about how the service works.