Paydiant, a Boston, MA-based mobile payments company, closed a $7.6m funding round.
The round was led by North Bridge Venture Partners and General Catalyst Partners.
The company intends to use the funds to accelerate product development, sales and marketing for Paydiant, which plans to formally launch later this year.
In conjunction with the funding, Jim Moran, General Partner at North Bridge and John Simon, Managing Director at General Catalyst, have joined Paydiant’s board of directors.
Co-founded by Chris Gardner, Kevin Laracey and Joe Paratore, Paydiant provides a tool that allows merchant, financial institution, or other participant in the payments value chain to help their customers make everyday payments with their mobile phones.