cMoney Inc (CMEY)

[Dow18K]

This Mobile Payments Company May Self Destruct in 15 Minutes

C$ cMoney, a mobile payments startup based in Houston, is having quite a week. On Friday, the company announced an impressive funding round of $100 million from private equity firm AGS Capital Group. In total, cMoney has secured $115 million in funding commitments from AGS and a NY-based firm called Kodiak Capital Group.

The latest announcement was picked up by a few news outlets, including the WSJ’s Venture Capital Dispatch which touted cMoney as “a start-up with a funky name [that] has an ambitious plan for replacing consumers’ debit and credit cards with a mobile-payment system.”

Sounds like another promising company in the red-hot mobile payments sector—a market that Nokia, PayPal, and a host of startups like Zong are trying to crack. Except, I don’t buy it. There is too much hype, and too little actual product coming from cmoney.

http://techcrunch.com/2010/07/11/this-mobile-payments-company-may-self-destruct-in-15-minutes/