Tyfone raises $5 Million, Polaris Software acquires 2.5 percent stake
By siliconindia   |   Monday, 06 September 2010, 17:14 IST
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Bangalore: Portland-based Tyfone, which develops software for mobile contactless payment services, has raised $5 Million in a new round of funding. Polaris Software Lab Ireland, a subsidiary of Chennai-based Polaris Software Lab, has picked up a 2.5 percent stake in Tyfone for a consideration of $5,00,000, the company said in a filing with stock exchanges. The other sources of the equity funding were not disclosed. Tyfone has previously raised funding from Ojas Venture Partners, a venture capital firm located in India. Incorporated in 2004, Tyfone provides software and hardware platforms for banks, mobile contact less payments, and mobile merchant services. With its Tyfone u4ia mobile services platform, the company enables banks and financial services institutions to provide consumer banking services, online transaction services, and payments services to consumers via the mobile handset. Tyfone's Asia-Pacific headquarters is based in Bangalore and the company has manufacturing relationships in Taiwan and component partners in Israel, Germany, and Singapore. Earlier this year, Tyfone tied up with U.S.-based payment processing major First Data Corporation to provide MicroSD memory cards equipped with Tyfone's patented technologies. This would help mobile phones with a memory slot to turn into a mobile contactless payment device.

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