SOURCE: Obopay, Inc.

Obopay, Inc.

May 25, 2011 09:00 ET

William Scharninghausen Joins Obopay as Executive Vice President and Chief Financial Officer

International Expertise Will Contribute to Company's Growth and Expansion

REDWOOD CITY, CA and MUMBAI, INDIA--(Marketwire - May 25, 2011) - Obopay, Inc., a leading mobile banking and payment provider, today announced that William Scharninghausen has joined the company as executive vice president and chief financial officer. Scharninghausen will be responsible for the company's financial operations globally, including the U.S., India and Africa. He will be located in Redwood City and will report directly to Obopay President and CEO Deepak Chandnani.

Scharninghausen brings over 25 years of senior financial experience in the technology industry. He has a successful track record of achievement working for both public and private companies devising policies for strategic international financial issues. Prior to joining Obopay, Scharninghausen was the chief financial officer for Global IP Solutions, a Swedish company headquartered in San Francisco. He managed the group's financial and accounting operations in San Francisco, Boston, Stockholm, Hong Kong and Seoul. He was instrumental in raising $18 million in share offerings and in 2008 he led the company's listing on the Oslo Stock Market. The company was acquired by Google in July of last year.

"Bill has an ideal combination of skills and experience for Obopay," said Chandnani. "He has a track record of success in both complex international financial transactions and the issues inherent in an innovative and rapidly changing company. The mobile payments industry is both dynamic and challenging." He added, "Bill's professional background and immense experience in global finance make him naturally suited to help with our robust growth plans."

"I am excited to be a part of a dynamic and growing company that is redefining the way people will handle money in the future," commented Scharninghausen. "I look forward to the significant opportunities in front of me and the chance to use my expertise to assist with the company's strategic direction and financial growth."

Prior to Global IP Solutions, Scharninghausen was Chief Financial Officer and Corporate Secretary for Teachscape, a privately held, venture-backed company providing technology-enabled professional development services. He has also held CFO positions with Vialta, Inc. and Diva Systems Corporation.

Scharninghausen graduated with honors with a degree in Business Administration in Finance from the California Polytechnic State University.

About Obopay
Founded in 2005, Obopay, Inc. (www.obopay.com) offers partner branded mobile money technology and services that transform any mobile phone into a convenient and easy way to send and receive money, get paid or pay small businesses, top-up accounts, buy via mobile and pay bills. Obopay's mobile money services address the needs of consumers and businesses around the world by providing a service that delivers value, empowers lives, and improves opportunity for merchants. Obopay believes the power is in the network and has established partnerships that include Nokia, MasterCard, AT&T, Verizon, Essar, Union Bank of India, Yes Bank in India and Societe Generale. The company's offering enables partner branded mobile money services that can be implemented quickly at low deployment cost. Obopay has corporate headquarters in Redwood City, CA and in Mumbai, India.