MFoundry Receives $18 Million In Growth Capital Led By MasterCard

Published December 05, 2011, 12:39 p.m. EST

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Updated December 05, 2011, 11:39 a.m. EST

1 Min Read

MFoundry Inc. has received $18 million in growth capital, the mobile banking technology provider announced Dec. 5.

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MasterCard Inc., a new investor in the Larkspur, Calif.-based vendor, led the investment round. Intel Capital, another new investor, also participated in the investment round. Fidelity National Information Services Inc., or FIS, and Motorola Mobility also participated.

"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," Kelly Rodriques, an mFoundry board member and the chief executive of Pensco Trust, said in a press release.

MasterCard had announced last week that it made the undisclosed investment when the companies said they were developing an application that will combine mFoundry’s mobile-banking software with MasterCard’s PayPass contactless-chip functionality (see story).

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