Finnish handset giant takes minority stake in mobile payments specialist.
Nokia has invested £75 million in Silicon Valley-based Obopay, which offers mobile payments services in India and the US.
Obopay will use the new cash to develop new products and expand into more markets.
Its service works like PayPal, by linking Obopay accounts to bank accounts or credit cards.
Account holders can then send cash to any other SMS-enabled phone. The recipient then credits the amount (up to $1,000) to their own account. Obopay takes a 25 cents cut for each amount sent.
Obopay has also named Teppo Paavola, vice president and head of Corporate Business Development at Nokia, to its board of directors.
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Carol Realini, Obopay chief executive, said: "This investment is a landmark in the evolution of mobile payments. It underscores the global potential of mobile money by providing convenient access to money anytime, anywhere. Given Nokia's position as the leader in mobile communications, we could not have asked for a better investor."
