mFoundry, a Larkspur, California-based provider of mobile banking and payments services, has raised $18m in growth capital.
The round was led by MasterCard Incorporated, with participation from Intel Capital, FIS, and Motorola Mobility.
The company intends to use the funding to develop new payments-related mobile products and services targeted at financial institutions and mobile network operators, as well as to expand their existing mobile banking business.
Founded in 2004 by CEO Drew Sievers and Rodney Aiglstorfer, mFoundry provides a software-as-a-service (SaaS) based mobile financial services platform to nearly 600 mobile banking and payments customers (banks and credit unions).
mFoundry’s network of financial services technology companies includes FIS, First Data, MasterCard, NCR, PayPal, Open Solutions, The CO-OP, PSCU Financial Services and COCC. The company also has strategic alliances with Intel Capital and Motorola Mobility.