Yet another heavily funded entrant to the Mobile Payments playing field.
Paydiant, one of the more recent entrants in mobile payments, has closed a $12 million round of funding that it plans to use to build out its white-label, API-based product for banks and merchants to offer their own branded payments services on Android and iOS devices. This Series B was led by new investor Stage 1 Ventures, whose MD David Baum now joins Paydiant’s board, as well as participation from existing investors North Bridge Venture Partners and General Catalyst Partners.
This follows on from a $7.6-million Series A round from February 2011, with total funding in Boston-based Paydiant now standing at $19.6 million. Chris Gardner, one of Paydiant’s three co-founders, says that while that first round was used to finish developing Paydiant’s platform, this second round will be used to expand those white-label business relationships: Gardner says that five out of the top 15 banks in the U.S. are already in…
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