Tyfone Inc., a Portland, OR-based provider of mobile banking, mobile contactless payment and secure mobility solutions, has closed a $5m Series B financing.
The financing includes new strategic investors HDFC Holdings Ltd., Polaris Software Lab and a strategic manufacturing partner, together with participation from existing investor Ojas Venture Partners.
Tyfone will use the capital to accelerate production of its SideTap™ MicroSD memory cards for mobile contactless transactions and scale its software centric business including mobile banking, couponing and loyalty solutions.
Founded in 2004, the company recently added a US patent for “Electronic Transaction Cards” to its portfolio, which was filed February 22, 2005 and issued September 1, 2009. Tyfone is also partnering with First Data to bring its SideTap™ MicroSD based contactless payment solution to market and is signing new financial institutions as mobile banking customers.