Transaction Wireless Raises $2M

Bruce V. Bigelow12/9/09

Transaction Wireless, a San Diego startup founded in mid-2006 by Basil Abifaker, raised an additional $2 million in a Series B round of venture funding from San Diego-based Mission Ventures and Okapi Ventures of Laguna Beach, CA. Transaction Wireless, which has developed mobile payment processing technology, raised $2.25 million in September 2008, shortly before the startup was incorporated. The company’s wCharge technology allows merchants to accept credit card payments using only a mobile phone. Abifaker was previously a co-founder of Tourmaline Networks, which was acquired by Intellisync, and later, Nokia.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788