RealTime IT News

X.com Scores $100 Million

E-mail payment firm X.com Corp. won $100 million in a financing round led by private investment firm Madison Dearborn Partners.

New investors include include Singapore-based Temasek, Vertex and Development Bank of Singapore; Japan-based Compass Partners and Hikari Tsushin; and TAMC of Taiwan. Additional investors include LabMorgan, J.P. Morgan's e-finance unit; funds managed by Capital Research and Management Co.; Digital Century Capital; and Bayview 2000, an affiliate of Robertson Stevens.

Previous investors include Sequoia Capital, Deutsche Bank, the Goldman Sachs Group Inc., idealab Capital Partners, and Elon Musk are participating in this round as well.

Madison Dearborn's Director Tim Hurd will join X.com's board of directors. X.com owes this latest round of investments to its success, having acquired over 1 million customers in the four months since its launch.

"X.com's cash-based network offers a real-time, secure 'anytime, anywhere' payment solution that finally meets the needs of today's mobile, electronic economy," Hurd said. "MDP's investment in X.com is consistent with our investment objective of backing outstanding management teams of leading, innovative companies that have a significant first mover advantage in very large, attractive segments of the economy."

Last month, X.com merged with e-mail billing provider PayPal.com.