Intel, MasterCard, and Motorola Mobility Invests $18 Million Into mFoundry

Posted Dec 5, 2011

mFoundry is a company that powers the mobile banking solutions for over 500 banks and credit unions across the nation. The company has raised an $18 million round of funding from MasterCard, Intel Capital, Fidelity, and Motorola Mobility. mFoundry has raised a total of $40 million in funding.

mFoundry’s software-as-a-service allows banks and other providers to give customers mobile banking options including payments. One of mFoundry’s biggest clients is the Starbucks Card Mobile app. The investors in this round of funding will be working with mFoundry to develop tailored products.

This new round of funding will be used to fund the development of new payment services and mobile products targeted at financial organizations. mFoundry was co-founded by Drew Sievers and Rodney Aiglstorfer.