Mobile banking and payment company mFoundry, which recently announced a partnership with MasterCard, has confirmed it’s received an investment of $18 million (£11.5 million) in growth capital. The investment was led by MasterCard along with Intel Capital, FIS and Motorola Mobility.
mFoundry says the money will be used to fund the development of new payments-related mobile products and services targeted at financial institutions and mobile network operators.
Drew Sievers, CEO and co-founder of mFoundry, said “The opportunity in mobile financial services is enormous. 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.”