MasterCard leads $18M investment in mFoundry
Days after trumpeting an international strategic partnership with MasterCard, mobile banking solutions provider mFoundry is announcing an $18 million growth capital round led by the credit card giant. Intel Capital, FIS, and Motorola Mobility (NYSE:MMI) also participated in the round, which mFoundry is earmarking to fund the development of new mobile payments products and services.
mFoundry supplies mobile banking and payment solutions to close to 600 banks and credit unions worldwide. The firm also developed and managed the Starbucks Card Mobile program. Moving forward, mFoundry will combine its financial services platform with MasterCard's Near Field Communications-based PayPass tap-and-go solution. The two firms also will develop a Mobile PayPass application optimized for wireless carriers.
The mFoundry investment follows weeks after MasterCard and Intel entered a multi-year strategic collaboration to improve the digital shopping experience and consumer financial security. MasterCard will combine its expertise in payment processing with Intel's chip-based security efforts to forge a safer, more efficient checkout process--moving forward, consumers with MasterCard PayPass-enabled smartphones can pay for purchases simply by tapping their device against reader units supporting Intel's Identity Protection Technology.
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