Pittsburgh-based Dynamics Inc., which provides interactive payment cards and systems, has closed a $70 million Series C funding round. New investors MasterCard and CIBC were joined by existing backers Bain Capital Ventures and Adams Capital Management. The funding from MasterCard is part of a larger expanded business partnership between the two companies to provide consumers with choice, flexibility and security when using payment cards.
Dynamics Inc., an innovator in next-generation interactive payment cards and systems, today announced that it has closed a $70 million Series C round of financing. New investors MasterCard and CIBC were joined by existing backers Bain Capital Ventures and Adams Capital Management.
The additional capital will help Dynamics to continue to meet global demand for its “Interactive Payment Card” technology platform. Dynamics will have an increased ability to scale its manufacturing operations and extend its technical capabilities and product lines.
“We have successfully brought to market the only offering that provides banks with interactive functionality on the physical card and we are doing it as a young, growing player in an extremely established marketplace. Consumers can now enjoy additional value whenever they make a purchase simply by pressing a button on their card,” said Jeff Mullen, Chief Executive Officer, Dynamics. “Combined with the expertise from industry leaders such as MasterCard and CIBC, consumers will continue to see exciting new products from Dynamics both domestically and internationally.”
The financial backing from MasterCard is one part of a larger expanded business alliance between the two companies that will seek to provide consumers with added choice, flexibility and security when using payment cards at the point of sale.
“We see a future where every device becomes a commerce device. This not only includes a shift to mobile-based payments, but also a move from ‘static’ plastic to ‘dynamic’ interactive payment cards and systems,” said Carlos Menendez, Group Executive, Global Credit and Debit Products, MasterCard. “Our partnership with Dynamics will further enable us to provide our customers with new, best-in-class solutions to meet the increasingly sophisticated and digital needs of consumers across the globe.”
“Our partnership with Dynamics to develop new products is already having a positive impact with our clients and in the market,” said David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC. “We have a strong history of innovation and we look forward to working with Dynamics on further opportunities to put innovation into the hands of our clients.”
“The support and guidance of Bain Capital Ventures and Adams Capital Management has been instrumental to Dynamics’ traction in the market,” said Mullen. “We look forward to continuing our close relationship with our institutional partners and appreciate their confidence and expertise as we continue our growth.”
About Dynamics, Inc.
Dynamics Inc., founded in 2007 by Jeff Mullen, designs and manufactures intelligent battery-powered payment devices and advanced payment platforms. The company has currently launched products with banks in the United States and Canada and has won five Finovate Best of Show awards, two Cartes Sesames awards, a Best in Show award for Personal Electronics at the International Consumer Electronics Show (CES), and the $1M People’s Choice Award at DEMO. Dynamics investors include MasterCard, CIBC, Adams Capital Management and Bain Capital Ventures. For more information, visit www.dynamicsinc.com.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Forward Looking Statements
Statements in this press release which are not historical facts, including statements about MasterCard’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, statements relating to MasterCard’s products and offerings.
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company’s filings with the Securities and Exchange Commission (SEC), including the company’s Annual Report on Form 10-K for the year ended December 31, 2013, and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2014, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.