Award winning innovator of patented MicroSD memory card technology for mobile transaction and mobile payment solutions now positioned to accelerate global deployment
PORTLAND, Oregon – MobilityWire® – September 6, 2010
Tyfone Inc. (www.tyfone.com), a provider of mobile banking, mobile contactless payment and secure mobility solutions, today announced the company has closed Series B financing of $5 million. The preferred stock financing includes new strategic investors HDFC Holdings Ltd., Polaris Software Lab and a strategic manufacturing partner, together with continued participation from Ojas Venture Partners.
Tyfone will use the capital to accelerate production of SideTap™ MicroSD memory cards for mobile contactless transactions and scale its software centric business including mobile banking, couponing and loyalty solutions. Over the next two to three years, analysts forecast contactless payment transactions via MicroSD technology will be used by more than 20 million people in North America alone, at thousands of contactless payment terminals already in place.
“Tyfone was founded in 2004 with the belief that ’mobility’ will create profound changes in the way people everywhere engage in commerce,” said Tom Spitzer, CEO of Tyfone. “Now that our core technology has been developed, patented and is in production, this new funding allows Tyfone the ability to bring our solutions to new markets and build a broader ecosystem. The investors who participated in our Series B financing round bring unique expertise within financial services and we’ll benefit from their knowledge beyond the value of their financial investment in Tyfone.”
“The market for mobile financial services is nascent but significant. HDFC Holdings was impressed with the team, the technology, and patents that Tyfone possesses and we recognize that Tyfone is in a unique position to leverage a global market opportunity,” said V Srinivasa Rangan, director of HDFC Holdings, Ltd.
“Polaris Software Lab’s investment in Tyfone is in line with our vision of global leadership in the financial transaction space. Our most comprehensive suite of Intellect products and Tyfone’s groundbreaking innovation in the mobile payments industry will prove to be a potent combination when packaged to deliver greater efficiency and higher value to our customers,” said Arun Jain, founder, chairman & CEO, Polaris Software Lab, Ltd.
“Ojas Venture Partners continued participation in this series B round of financing is a testament to its belief in the team, the business opportunity and the milestones the company has achieved. We have been impressed with the company’s prudence, determination and its critical accomplishments in building a unique and global product line, patents and partnerships. Our continued participation will assist Tyfone in building a strong international team, attract quality technology partners and secure significant commercial wins,” said Rajesh Srivathsa, managing partner of Ojas Venture Partners.
Over the past 12 months, Tyfone has achieved major industry milestones, including:
- Adding a US patent for “Electronic Transaction Cards” to Tyfone’s patent portfolio, which was filed February 22, 2005 and issued September 1, 2009
- Partnering with First Data to bring Tyfone’s SideTap™ MicroSD based contactless payment solution to market
- Launching of mobile banking & signing new financial institutions as mobile banking customers
- Obtaining industry recognition as a pioneer and leading innovator in the mobile transaction (NFC) and mobile banking arena
Tyfone CTO Siva Narendra explains
the SideTap™ contactless payment solution
About Tyfone – www.tyfone.com
Tyfone connects money and mobility via a highly secure, scalable and flexible mobile financial services solution tailored to meet the evolving needs of consumers, financial institutions, mobile network operators, transportation companies and retailers. Tyfone’s u4ia® platform and its companion SideTap™ memory card is the world’s first patented, neutral and comprehensive memory card-based payments solution for mobile contactless payments. Tyfone and its partners enable a suite of services including Mobile Banking, Mobile Identity Management, Mobile Remote Payments, Mobile Retail Services and Mobile Contactless / NFC Payments.
About HDFC Holdings, Ltd. – www.hdfc.com
HDFC Holdings is a wholly owned subsidiary of Housing Development Finance Corporation Limited (HDFC). HDFC’s distribution network spans 279 outlets, which include 65 offices of the wholly owned distribution company, HDFC Sales Private Limited (HSPL). Besides HDFC Holdings, HDFC’s subsidiaries include HDFC Realty Limited, HDFC Property Ventures Limited, HDFC Sales Private Limited, HDFC Venture Capital Limited, HDFC Ergo General Insurance Company Limited, HDFC Standard Life Insurance Company Limited, GRUH Finance Limited and HDFC Asset Management Company Limited.
About Polaris Software Lab – www.polarisFT.com
Polaris Software Lab (POLS.BO) is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. Polaris has a talent strength of over 9,000 solution architects and domain and technology experts. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, Intellect™ Global Universal Banking (GUB) 10.0. Intellect™ is the first pure play SOA based application suite for Retail, Corporate, Investment banking and Insurance. Polaris is headquartered in Chennai and has offices in all global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile.
About Ojas Venture Partners – www.ojasventures.com
Ojas is an India centric, technology focused early stage VC firm backed by one of the early captains of Indian IT industry, Mr. Nadathur S. Raghavan, co-founder and former MD of Infosys. The first fund is a US $35 million fund.
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