mFoundry, a provider of mobile banking and payments
services, announced a new infusion of $18 million in growth capital led by
MasterCard. Also participating in the round were Intel Capital, FIS, and
MasterCard Incorporated and Intel Capital are new
investors in mFoundry.
The capital will be used to fund the development of new
payments-related mobile products and services targeted at financial
institutions and mobile network operators.
mFoundry will use the proceeds to support the expansion
of their existing and profitable mobile banking business.
With nearly 600 mobile banking and payments customers,
mFoundry is benefiting from the fast-paced growth surrounding mobile financial
A recent analysis from the Federal Reserve showed how
long it has taken for various channels to hit 50 percent customer penetration.
While ATM’s took over 15 years and online banking over 20 years, current
forecasts are showing mobile banking hitting 50 percent adoption in a little
over 6 years, making it the fastest growing banking channel ever.
“The opportunity in mobile financial services is
enormous. While our existing mobile banking business is scaling rapidly, there
are many other related opportunities that we believe can add significant
incremental value to our company. I’m grateful to have such a deep and
supportive group of strategic investors behind us,” said mFoundry CEO
and co-founder, Drew Sievers.
mFoundry will work on mobile banking opportunities with
key strategic partner FIS, but will also expand the company’s focus to include
additional payments opportunities with MasterCard, Motorola Mobility, FIS, and
“mFoundry’s pace of growth and strong industry
position put the company in an ideal spot to expand their product
offering,” said mFoundry independent board member Kelly Rodriques.
mFoundry recently announced a global strategic
partnership with MasterCard to deliver NFC-enabled mobile payments solutions to
MasterCard adds to mFoundry’s unmatched network of
financial services technology companies that includes FIS, First Data, NCR,
PayPal, Open Solutions, The CO-OP, PSCU Financial Services and COCC. mFoundry
also has strategic alliances with mobile leaders Intel Capital and Motorola
By Telecomlead.com Team