PlaySpan, a company that specializes in digital microtransactions and payment services, announced on Tuesday that it raised $16.8 million in Series B funding from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, STIC Investments, and other undisclosed investors.
According to the company, the new funding will be used to expand its operation into Europe and Asia, which company executives believe are untapped markets that offer growth potential for PlaySpan.
"Online-game publishers and social-media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions," Karl Mehta, founder and CEO of PlaySpan, said in a statement. "We are enabling a new business model in the form of microtransactions for users that prefer the pay-as-you-go model."
PlaySpan sells virtual goods in more than 200 different video games with the help of its subsidiary, PayByCash, which supports more than 70 payment options. The company also provides offline payment options with its Ultimate Game Card, which is sold in 7-Eleven, Blockbuster, and Wal-Mart stores.
See also: Twofish.