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PlaySpan nets $16.8 million for expansion

Investment to be used to grow in Europe and Asia and expand the global user-base

PlaySpan, the provider of digital goods payment solutions, has announced USD 16.8 million in investment to be used to expand into Europe and Asia, and to grow the company's global publisher and user-base.

"Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions," said Karl Mehta, founder and CEO of PlaySpan.

"We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model."

"It is a testament to our market-leading position, demonstrated growth, and the long-term potential of virtual goods and micro-transactions that we have raised a significant round in spite of the current economic climate."