Second Banking Startup in a Week, Tyfone, Scores VC Investment
It seems as though Silicon Valley is taking to banking startups. The second banking startup in a week has scored a venture capital investment.
Yesterday, Tyfone, a provider of mobile banking, contactless payments and mobile security services, closed a $5 million “series B” financing round from HDFC Holdings Ltd., Polaris Software Lab, a strategic manufacturing partner, and Ojas Venture Partners, which was the venture’s initial financing source. Tyfone will use the funds to “accelerate production of [its] SideTap MicroSD memory cards for mobile contactless transactions and scale its software-centric business, including mobile banking, couponing and loyalty solutions.”
Tyfone was founded in 2004. The company is based in Portland, Ore.
The Tyfone investment follows last week’s $3.1 million VC round for BankSimple.
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