Categories: Tech & Society

Mobile Payment Platform Paydiant Raises $15 Million in Funding

Paydiant.com, a startup that has developed a mobile payments platform that banks, retailers, and payment processors can implement in their own apps, announced today that it has raised another $15 million in funding. The company has now raised around $35 million.

Paydiant says the round was kicked off by one of its Fortune 500 customers. Existing investors North Bridge Venture Partners, General Catalyst Partners Stage 1 Ventures, and another one of Paydiant’s customers, also participated in the round. Not surprisingly, the company says the funding will be used for product development, marketing and sales.

“Everybody that’s trying to solve the mobile payments problem seems to have Visa envy,” Paydiant co-founder and CEO Chris Gardner told in an interview last year around its last round of funding. “We said, hey, regardless if that becomes a viable model, we believe there’s an opportunity for someone to offer mobile wallets and offers solutions to brands.”

Paydiant’s platform is notable for working with existing point-of-sale terminals, ATMS, smartphones, and other devices, without the need for any new hardware. Instead of betting on near-field communications technology like the mobile-carrier backed Isis, Paydiant lets you scan a barcode with your phone’s camera to process a payment. The company claims its platform also doesn’t make your account credentials available during a transaction, which lowers the potential for fraud.

Via: VentureBeat

Team TechPanda

Recent Posts

Remote working is bringing about a leadership evolution

It was COVID-19 that truly heralded in remote working culture, and ever since, workdays have…

15 hours ago

As US restrictions blow the chip industry where will the chips fall?

As tensions between global superpowers escalate, semiconductors, those tiny chips powering everything from smartphones to…

3 days ago

AI Launches: Fashion, EdTech, speech tech, monitors, fintech, data, trading, cloud, AI defense & model

The Tech Panda takes a look at recent launches in the superfast field of Artificial…

4 days ago

6 Automation tools every 2D animator should master in 2025

As the animation industry continues to evolve, automation is becoming a critical ally for 2D…

4 days ago

Can you really find parking in 5 minutes? Tech promises a breakthrough in Delhi-NCR

If you’ve ever circled endlessly in Delhi-NCR’s crowded streets, searching for a parking spot while…

7 days ago