Sunday, February 3, 2013

FIS acquires mobile banking guru mFoundry for $120 million

FIS acquires mobile banking guru mFoundry for $120 million

You may not be very familiar with mFoundry's name, but you'll probably know its work if you're reading this site: it's part of a deal with MasterCard for NFC-based mobile payments, powers many banking apps and wrote the earliest mobile app code for Starbucks. As such, it's no small deal that payment giant FIS just bought full control of mFoundry for $120 million. FIS isn't shy about its aims and sees mFoundry as the ticket to covering a mobile banking space that's growing quicker than other fields. Not that mFoundry will necessarily feel like a pawn -- its audience potentially grows to the 14,000 banks that FIS has for customers. We'll just need to wait until after the deal closes later in the current quarter to see what the union will bring.

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Source: TechCrunch


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