Paydiant has closed a $12 million round of funding led by Stage 1 Ventures, the provider of a cloud-based, white-label mobile payment and offer-redemption platform for retailers, banks and payment processors announced July 10.
The Series B round also included existing investors North Bridge Venture Partners and General Catalyst Partners. Paydiant raised $7.6 million in February 2011. The company will use the new investment to accelerate product development, sales and marketing, according to a company press release. David Baum, Stage 1 Ventures managing director, will join Paydiant's board of directors.
With Paydiant, banks and retailers can integrate complete mobile-wallet capabilities into their own iPhone and Android applications, and payment processors can enable contactless mobile payments and offer redemption on existing payment terminals and point-of-sale systems without involving new intermediaries and without requiring new smartphones or POS hardware, Wellesley, Mass.-based Paydiant said in its release.
Fidelity National Information Systems Inc., or FIS, developed a mobile wallet through a partnership with Paydiant.