The mobile banking platform provider will use $18m of new funding for “the development of new payments-related mobile products and services targeted at financial institutions and mobile network operators.”
Mobile banking platform provider mFoundry, which announced a deal with and investment from MasterCard last week, has revealed that Intel Capital, Fidelity Information Systems (FIS) and Motorola Mobility have also invested in the company. Existing investors include Bank of America, NCR and PayPal as well as Apax Partners, GRP Partners and Ignition Partners.
The new US$18m investment “will be used to fund the development of new payments-related mobile products and services targeted at financial institutions and mobile network operators,” says the company. “mFoundry will also use the proceeds to support the expansion of their existing and profitable mobile banking business.”
The company also plans to “expand the company’s focus to include additional payments opportunities with MasterCard, Motorola Mobility, FIS, and Intel.”
“The opportunity in mobile financial services is enormous,” says mFoundry CEO and co-founder Drew Sievers. “While our existing mobile banking business is scaling rapidly, there are many other related opportunities that we believe can add significant incremental value to our company. I’m grateful to have such a deep and supportive group of strategic investors behind us.”