Social Media Payment Platform oneTXT Scores $2 Million And Former iVillage Exec As COO

OneTXT, a social media payment platform, has raised $2 million in Series A funding from Metamorphic Ventures with KPG Ventures, New York Angels Fund, and individual angel investors participating. Former iVillage CTO and COO Richard Caccappolo has joined oneTXT as president and COO.

OneTXT provides a payments processing alternative for social networks, online games to accept payments, create loyalty programs, and send marketing messages. Similar to PayPal, oneTXT takes a stored-value approach. Each account, which is filed under the user’s cellphone number, has funds sourced from a checking account, a credit card or Western Union.