Mobile payments company Paydiant has raised $12 million in new capital for product development, sales and marketing.
The round of Series B funding was led by StageOne Ventures, an information technology fund, and included existing investors North Bridge Venture Partners and General Catalyst Partners, Paydiant said Tuesday. David Baum, a managing director at StageOne, will join Paydiant's board.
Paydiant provides a cloud-based, white-label mobile payment and offer redemption platform for retailers, banks and payment processors. Paydiant allows banks and retailers to integrate mobile wallet capabilities into their iPhone or Android applications. Additionally, payment processors can enable contactless mobile payments and offer redemption on existing payment terminals and point-of-sale systems.
The Wellesley, Mass., company was founded by a group of online billing veterans after raising $7.6 million in Series A funding in February 2011. North Bridge and General Catalyst were also involved in that round of funding.