In an unusual twist on the funding theme, payments firm Paydiant has raised $15 million in funding from North Bridge Venture Partners, General Catalyst Partners, Stage 1 Ventures and, less predictably, two of its customers.
The firm will use the new backing to speed up product development, sales and marketing.
“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.” said Jim Moran (pictured), partner at North Bridge Venture Partners.
Paydiant’s platform is currently deployed by card-issuing banks, retailers, restaurants, merchant processors, debit/ATM networks and POS providers.
Richard Handford
Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...
