What Company Is Offering:
Tyfone, has developed an extensible hardware and software platform for bank-branded mobile banking, mobile contactless payments and mobile retail merchant relationship services. Bank customers receive end-to-end secure mobile services available on most mobile phones with any mobile carrier.
How Much They Got From VCs:
They have announced the completion of a financing round led by Ojas Venture Partners, an India-based venture capital firm specializing in technology start-ups. The terms of the financing were not disclosed.
How They Will Use Funds:
Tyfone will use the investment to scale its three areas of business – mobile banking, mobile payments including contactless payments and retail merchant relationship services in the US and international markets. The company will continue to ramp-up global sales and operations teams, including operations in China. Building upon the recent milestone with iflex® Solutions and the win of West Coast Bank’s implementation in the US, Tyfone is aggressively pursuing revenue targets both organically and through channel and reseller partnerships in the US and abroad.
What VCs Says About Company:
Rajesh Srivathsa, managing partner of Ojas Venture Partners, says, “Tyfone has developed an innovative technology to enable existing mobile phones to be used for ‘wave-and-pay’ contactless payments, facilitating retail financial services. I see this as a competitive advantage in mobile payments, one that will position Tyfone as a leader in the mobile space within the next year to 18 months.”
More at:http://www.tyfone.com/
Company Info:
Tyfone, Inc.
Linda Horowitz, 626-445-4527 (office)
Mobile: 626-215-6306
linda@tyfone.com
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