Tyfone Inc. has received $5 million in financing from HDFC Holdings Ltd., Polaris Software Labe and Ojas Venture Partners, the provider of mobile-banking and mobile contactless-payment technology announced Sept. 7.
The Portland, Ore.-based company plans to use the capital to accelerate production of its SideTap microSD memory cards for mobile contactless transactions and to scale up its software business that supports mobile banking, couponing and loyalty products.
“Now that our core technology has been developed, patented and is in production, this new funding allows Tyfone the ability to bring our [services] to new markets and build a broader ecosystem,” Tyfone CEO Tom Spitzer said in a new release.
Tyfone in the past 12 months partnered with First Data Corp. to bring its SideTap microSD-based contactless payment technology to the market. MicroSD technology is gaining momentum in supporting mobile payments (see story).