One week after mFoundry formed a partnership with MasterCard, they announced an $18 million investment from MasterCard, along with Intel, FIS, and Motorola Mobility:
“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 also use the proceeds to support the expansion of their existing and profitable mobile banking business.”
mFoundry will continue to work closely with FIS on mobile banking opportunities, but will also work with MasterCard, Intel, and Motorola Mobility on payments innovations.
To learn more about mFoundry and MasterCard, watch mFoundry’s FinovateFall 2010 demo and MasterCard’s FinovateFall 2011 demo.