Seattle-based BillMonk has been bought by mobile payment company Obopay and will immediately let its users settle their social debts using Obopay mobile payment technology.
BillMonk, founded a year ago by former Amazonian’s Gauraov Oberoi and Chuck Groom, lets people track money they share or owe to friends and others, like shared living costs or restaurant tabs. San Francisco-based Obopay sells technology that lets people pay for things using a mobile phone.
According to John Cook’s Venture Blog, financial terms of the deal were not disclosed, but the financial payoff was not the incentive.
“Primarily for us it was the ability to continue to grow BillMonk,” said Groom. “It is a match made in heaven. Both services are so compatible. Put them together and both services become much better.”
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