Tuesday, September 7, 2010

Tyfone Gets $5M More

Portland-based Tyfone, a developer of mobile banking and contactless payment technology, said this morning that it has raised $5M in a Series B funding round. According to the firm, the new funding came from HDFC Holdings, Polaris Software Lab, and Ojas Venture Partners. Tyfone is developing a MicroSD card which also includes near field contact (NFC) technology, so that users can use their cell phones to pay for transactions. Tyfone said the new funding will go to accelerate production of its SideTab MicroSD memory cards. Tyfone is selling those MicroSD cards to cell phone manufacturers, to easily add mobile payment capability to those phones. The company said the new funding will also go to bring its solution to new markets and to broaden its ecosystem. More information »