mFoundry, a company that powers mobile banking solutions for more than 500 banks and credit unions nationwide, is announcing a new round of funding, to the tun of $18 million, from MasterCard (which led the investment), Intel Capital, FIS, and Motorola Mobility. This bring’s mFoundry’s total funding to $40 million.
MFoundry’s SaaS allows banks and other providers to give their customers mobile banking options, including payments. For example, mFoundry powers Starbucks’ Card Mobile.
The investors in this round of funding will also work with the mobile banking startup on developing tailored products as well. mFoundry already has an existing partnership with banking software company FIS, but will also expand the company’s focus to include additional payments opportunities with MasterCard, Motorola Mobility, and Intel.
As we wrote last week, mFoundry will allow banks to be able to offer MasterCard mobile banking options, including the use of the credit card company’s mobile payments technology PayPass and the NFC technology.
The new funding will be used to fund the development of new payments-related mobile products and services targeted at financial institutions and mobile network operators.
Clearly, the company has capitalized on the recent growth in mobile banking. comScore recently reported that 32.5 million Americans accessed mobile banking information on their mobile devices, a 21% increase from the fourth quarter of 2010. And, almost 14 percent of all U.S. mobile subscribers now access banking information through their devices. And partnerships with financial institutions and mobile technology companies should help mFoundry continue to grow.