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mFoundry Closes $15 Million in Series C Financing

mFoundry has announced completion of a $15 million Series C round of financing led by Motorola Ventures, the strategic venture capital arm of Motorola, Inc. PayPal, NCR Corporation and a "leading wireless operator" also joined the round along with existing investors.

In addition, NCR has selected mFoundry’s Spotlight Financial Platform as part of their mobility technology solution. mFoundry will use funds to meet the strong domestic and international market demand for their mobile banking and payments products.

“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, investment manager, Motorola Ventures. “mFoundry’s Spotlight Financial Platform allows for a more feasible and affordable mobile financial services experience for wireless operators, financial institutions and consumers. Motorola is excited by the synergies we see between our two companies both domestically and internationally.”

Alan Chow, NCR chief technology officer, said, “The convergence of point-of-service, the Internet and mobility, provides an exciting opportunity for NCR and partners like mFoundry. Our consumer research clearly shows a growing interest in mobility as a conduit for connecting, interacting and transacting with businesses. We are pleased to work with mFoundry during this time of rapid change in the mobile services market.”

mFoundry has become one of the foremost innovators in mobile financial services. The company’s Spotlight Financial Platform offers a comprehensive and equitable solution for financial institutions, wireless operators and other mobile banking and payment providers. In addition, Spotlight offers cross-platform, cross-carrier support running on Java, BREW, Windows Mobile, and BlackBerry (RIM) devices across all major U.S. wireless carriers. The Spotlight mBanking & mPayment products now run on well over 150 devices in the U.S. alone.

“mFoundry’s role in the mobile financial services ecosystem is to enable all players by providing a flexible and superior mobile platform,” said Drew Sievers, mFoundry’s CEO and Co-Founder. “Our latest round of funding from industry-leading companies reflects the diversity of our relationships and the roadmap of the company. We will continue to develop solutions that run across all major U.S. carriers, offering the broadest device support of any competitor. And we will continue to forge partnerships that enable mass adoption of mobile banking, payments and commerce.”

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