Tyfone, a developer of a software and hardware platform for mobile banking, mobile contactless payments and retail merchant services, has announced the completion of a financing round led by Ojas Venture Partners, an Indian venture capital firm specializing in technology start-ups. The terms of the financing were not disclosed.
Tyfone will use the investment to scale its three areas of business – mobile banking, mobile payments including contactless payments and retail merchant relationship services in the US and international markets. The company will continue to ramp-up global sales and operations teams, including operations in China. Building upon the recent milestone with iflex Solutions and the win of West Coast Bank’s implementation in the US, Tyfone is aggressively pursuing revenue targets both organically and through channel and reseller partnerships in the US and abroad.
Rajesh Srivathsa, managing partner of Ojas Venture Partners, said: Tyfone has developed an innovative technology to enable existing mobile phones to be used for ‘wave-and-pay’ contactless payments, facilitating retail financial services. I see this as a competitive advantage in mobile payments, one that will position Tyfone as a leader in the mobile space within the next year to 18 months.