The round was led by Atlanta-based Total Technology Ventures, with participation from Council Ventures of Nashville and from existing investors Global Bank of Commerce, based in Antigua; iKobo chairman John Chamberlin; and iKobo co-founder Emeka Ohuche. The company was advised by Palo Alto based law firm Wilson Sonsini Goodrich & Rosati with respect to the financing. WS Investments LLC, their investment arm, also participated in the round. An August 2002 Celent Communications report cites the global person-to-person money transfer market at $150 billion, with 70% of customers engaging in repeat transactions. The global remittance industry has a 10% growth rate with card-based money transfer service models, the fastest-growing segment, projected to grab an 11% market share by 2006.
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