Paydiant, a Wellesley, MA-based provider of a white label mobile payment and offer redemption platform for retailers, banks and payment processors, has closed a $12m Series B funding.
The round was led by Stage 1 Ventures, with participation from existing investors North Bridge Venture Partners and General Catalyst Partners.
The company intends to use the funding to expand product development, sales and marketing efforts.
Co-founded by Kevin Laracey, Joe Paratore, Chris Gardner, Paydiant provides a SaaS white label mobile payment and offer redemption platform that enables merchants, banks, and payment processors to deploy and manage their own mobile payment, offer management and offer redemption solution, under their own brand and on their own terms.
The company’s solution is currently deployed in several U.S. regions in partnership with prominent card-issuing banks, merchant processors, POS providers, retailers and restaurants.
These rollouts will be expanding in the second half of 2012.
In conjunction with the funding, David Baum, Managing Director of Stage 1 Ventures, will join Paydiant’s board of directors.