Provider of mobile banking and payments services mFoundry today announced $18 million in growth capital from MasterCard, Intel Capital, FIS and Motorola Mobility.
mFoundry says the capital will be used to fund the development of new payments - related mobile products and services targeted at financial institutions and mobile network operators. mFoundry also will use the proceeds to support the expansion of their existing mobile banking business.
"The opportunity in mobile financial services is enormous," noted 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."
The company says it will continue to work closely on mobile banking opportunities with key strategic partner FIS but also will expand the company's focus to include additional payments opportunities with MasterCard, Motorola Mobility and Intel.
mFoundry's solutions are currently used by just under 600 banks and credit unions nationwide. The company is credited with developing and managing Starbucks Card Mobile, one of the first large-scale mobile payments programs in the country. The company also recently announced a global strategic partnership with MasterCard to deliver NFC-enabled mobile payments solutions to its customers.