BoA Backs MFoundry

mFoundry Inc., a Sausalito, Calif.-based mobile application publisher and platform provider, has raised an undisclosed amount of funding from Banc of America Strategic Investments. It had previously raised around $25 million from firms like Motorola Ventures, PayPal, NCR Corp., GRP Partners and Ignition Partners and Apax Partners.

  

PRESS RELEASE

mFoundry, the leading mobile financial technology provider, announced today that Banc of America Strategic Investments Corp. completed a strategic investment in the company.  Bank of America complements mFoundry's existing strategic investors Motorola, PayPal, and NCR, and venture backers GRP Partners, Ignition Partners and Apax Partners. mFoundry's platform, enabling banking, payments, wallets, and eCommerce from mobile phones, is a widely used platform in the United States

 “We are very pleased to have Bank of America as an investor in our company,” said Drew Sievers, CEO and co-founder of mFoundry. “We are proud to have Bank of America's investment in our Company as our products continue to gain support from financial and mobile industry leaders.”

“Mobile banking is a critical channel for our customers now and into the future. Bank of America currently has more than one million Mobile Banking customers who have embraced the convenience of being able to manage their finances 24/7 from anywhere. This investment further solidifies the importance of having a strong mobile technology platform,” said Lance Drummond, eCommerce and ATM executive for Bank of America.

Working with companies like Citi, BB&T, Fidelity National, PayPal, PSCU, and ACI, mFoundry has consistently demonstrated leadership in mobile financial services.  Most recently, mFoundry was selected by Bank Technology News as the number one “Technology Company to Watch” in their annual ranking. Earlier this year, mFoundry was also selected as one of IDC's “Ten Emerging Mobile Players to Watch”, one of Fierce Wireless' “Fierce 15” wireless companies, and was named a Red Herring 100 finalist.