A trio of venture capital firms have stumped up capital for cloud-based payment and ATM access business Paydiant as part of a $15m financing round.
North Bridge Venture Partners, General Catalyst Partners and Stage 1 Ventures all took part in the round alongside two of Paydiant’s customers, the company said.
Paydiant says it system avoids the need for consumers to buy new phones or retailers invest in costly point of sale infrastructure as it works with existing smartphones, payment terminals and countertop devices.
It allows mobile wallet applications such as contactless payment, e-receipts, offer redemption and cardless cash access.
North Bridge partner Jim Moran said, “One of Paydiant’s Fortune 500 customers decided to pre-emptively initiate this financing because they believe that Paydiant’s white-label, open mobile wallet platform and market positioning best serves the needs of the largest financial institutions retailers, and their customers.
“Clearly Paydiant’s approach is resonating with their customers and the industry as a whole.”
Last week Mobile payment app Check sealed a $24m Series C investment led by new investor Menlo Ventures.
Existing VC backers Morgenthaler Ventures and Pitango Venture Capital also participated.
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