MFoundry lands $18M investment led by MasterCard
Less than a week after announcing a new partnership with MasterCard Inc. to offer mobile payments through its mobile banking product, mFoundry announced it has received an $18 million capital investment. This round of investment was led by MasterCard and includes Intel Capital, FIS, and Motorola Mobility. Intel Capital and MasterCard are new investors in mFoundry, the company said.
News of MasterCard's investment had been included as part of last week's partnership announcement, but the amount had not been divulged.
MFoundry said capital raised in this round will be used for developing new payments-related mobile products and services targeted at financial institutions and mobile network operators. Additionally, mFoundry said it will also use the money to expand its existing, profitable mobile banking business.
"The opportunity in mobile financial services is enormous," said Drew Sievers, CEO and co-founder of mFoundry. "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 has seen substantial growth in its mobile banking business in recent months. The company announced it had reached 500 financial institution clients in late September and is already approaching the 600 client mark. It counts Bank of America and PNC Bank among its roster of clients for its mobile banking services.
Founded in 2004, mFoundry is headquartered in Larkspur, California and recently opened offices in downtown San Francisco.
For more stories on this topic, visit the Mobile Banking research center.