Mobile banking and payments service provider mFoundry has another $18 million for growth thanks to a handful of companies, particularly new investor MasterCard. Intel Capital – another new investor – FIS and Motorola Mobility also contributed in the funding round.
mFoundry plans to use the money to fund the development of new products and services targeted at financial institutions and mobile network operators. The cash also will support the company's business expansion.
"The opportunity in mobile financial services is enormous," said 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."
mFoundry says it will continue to focus on mobile banking opportunities with FIS, a key strategic partner, but also will expand its focus to include payments opportunities with MasterCard, Motorola Mobility, FIS and Intel.
"mFoundry's pace of growth and strong industry position put the company in an ideal spot to expand their product offering," said mFoundry independent board member Kelly Rodriques. "The continued support of partners like FIS and Motorola Mobility plus the addition of powerful new strategic investors like MasterCard and Intel Capital reinforces the work the company is doing. We are thrilled to work together to make mFoundry even more successful."
