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  "documentTitle": "Paypal Confinity Wallet Banking Business Plan",
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      "kind": "paragraph",
      "text": "Confinity plans to raise $4 million in its first venture capital round. We anticipate closing this round by June 1999.",
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      "text": "To date, Confinity has raised $500,000 in a seed round. This initial capital enabled Confinity to get off the ground and bring together its founding team. Confinity also has used the seed funding to develop a beta version of the MobileWallet software, the core of its efinance platform.",
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      "text": "The venture capital financing will enable Confinity to proceed on two parallel tracks. First, it will enable Confinity to launch and build the market share of its MobileWallet. As detailed in the Financial Projections section, most of this capital will be spent on product promotion and customer acquisition. And second, Confinity will set the stage for launching a mobile bank: It will acquire a banking charter, build the mobile banking interface, and set up the software and support operations needed to bring together a full-service bank.",
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      "text": "We anticipate a second (and larger) venture capital round, in early 2000, in order to capitalize and build the customer base for Confinity's mobile bank.",
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      "text": "Over the longer term, the exit strategy for Confinity is (1) to conduct an IPO and build an independent bank or (2) to become acquired by a larger bank (either traditional or online) that more effectively could leverage Confinity's mobile customer base.",
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      "text": "VI. The Investment Opportunity",
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