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Mobile financial services provider backed by NCR, others
October 25, 2007
SAN FRANCISCO - MFoundry, provider of mobile financial services, has completed a $15 million Series C round of financing, which backing from Motorola Inc., PayPal and NCR Corp. MFoundry says it will use funds to meet domestic and international market demand for mobile-banking and payments products.
"The convergence of point-of-service, the Internet and mobility, provides an exciting opportunity for NCR and partners like mFoundry," said Alan Chow, NCR's chief technology officer. "Our consumer research clearly shows a growing interest in mobility as a conduit for connecting, interacting and transacting with businesses."
NCR has selected mFoundry's Spotlight Financial Platform as part of its mobility-technology solution. NCR in Augustannounced plans to enter the mobile-banking market.
"As consumer demand continues to grow for anywhere, anytime information access, mFoundry is playing a key role in creating and shaping the future of personalized mobile financial services," said Code Cubitt, an investment manager with Motorola Ventures, Motorala Inc.'s investment arm. "MFoundry's Spotlight Financial Platform allows for a more feasible and affordable mobile financial-services experience for wireless operators, financial institutions and consumers."
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