Omaha, Nebraska’s Prairie Cloudware has raised an undisclosed sum in its latest round of funding. Participants in the round included the company’s founders, as well as “existing local angel investors.”
Prairie Cloudware said the new capital, which takes the company’s total to $5 million, will help it launch an “early version” of its Digital Payments Guardian technology later this year. Digital Payments Guardian was demonstrated at Prairie Cloudware’s Finovate debut at FinovateSpring 2015 in San Jose.
“Apple and Google have created significant momentum around mobile payments,” said William Fisher, Prairie Cloudware chairman and CEO. “But ultimately, payments are the domain of banks and credit unions.”
Prairie Cloudware Chief Revenue Officer Doug Parr and Chief Marketing Officer Michael Carter demonstrated Digital Payments Guardian at FinovateSpring 2015.
And as these banks and credit unions begin launching their own mobile wallets and payment services, Prairie Cloudware will be there. “Our plan is to enable financial institutions to provide secure digital payments no matter what device or mobile wallet the consumer selects,” Fisher said.
Digital Payments Guardian is a cloud-based gateway that enables banks and credit unions to provide digital payment services to their customers over a variety of channels using the FI’s current digital payments infrastructure. The solution helps reduce fraud by validating identity during transactions and using tokenization to protect payment data.
This last point was underscored by attendees at Prairie Cloudware’s debut at FinovateSpring 2015 in San Jose last month, with one person tweeting “open tokenized payments for banks to be a part of the wallet wars.” Others highlighted the platform’s ability to create customized offers, give customers potentially greater control over their digital payments, and enable banks to offer digital wallets that provide real value and convenience.
Prairie Cloudware was founded in December 2012.