Paydiant, a cloud-based mobile wallet provider, announced a $15 million Series C round of funding led by one of its customers to speed up product development, marketing and sales.
The round of funding also includes existing investors General Catalyst Partners, North Bridge Venture Partners and StageOne Ventures.
In addition to payments, Paydiants mobile wallet supports offer redemption, loyalty and access to ATMs.
The mobile wallet is about far more than mobile paymentsits a marketing platform, says Chris Gardner, cofounder of Paydiant, in a Sept. 10 press release. The market opportunity is huge, but most approaches have fundamental stumbling blocks such as costly new hardware and security issues.
Paydiant, with the Pulse debit and ATM network, began offering the white-label app to banks in August. Grocery chain Harris Teeter also began piloting Paydiants wallet as part of its Express Lane online shopping service.