Mobile payment service Zong raises $15 million in funding

Mobile payment service Zong announced the completion of a $15 million venture funding round led by Matrix Partners. Formerly a division of mobile monetization infrastructure provider Echovox, Zong combines carrier billing with credit, debit and prepaid cards, affording consumers multiple payment options--its solution powers Facebook Credits, a new virtual currency platform being deployed across the Facebook network. The firm also collaborates with merchants spanning across the virtual worlds, online gaming, social networking and digital content segments, reaching mobile subscribers in over 30 countries and 16 languages. Zong said it will target the new funding to accelerating the expansion of its merchant network both in the U.S. and abroad.

For more on the Zong funding:
- read this release