A venerable Portland mobile payments company has landed a solid investment that will help it fund its technology.
Tyfone Inc. has collected $6.6 million in equity investment, according to a May 20 Securities and Exchange Commission filing. The money will fortify Tyfone’s growth efforts as it continues to expand its reach into such areas as mobile wallet protection and other cybersecurity offerings.
The filing didn’t reveal Tyfone’s current partners for the fundraise. The company could do so once the round is fully complete.
CEO Siva Narendra expects to raise another $2 million before closing the round.
The company, which expects to collect around $10 million in sales this year, counts around 200,000 users in the financial sector alone. It holds around 100 patents and employs some 90 workers worldwide.
“We’re just getting started,” Narendra said. “Identities need to be secured, transactions need to be secured and supply chains need to be secured. We’re active in all of them.”
The company raised $5 million in early 2008 and in late 2010. Those rounds backed Tyfone’s research and development as well the start of its commercialization.
Its mobile financial solutions suite includes mobile banking, mobile payments and patented smartcard-based identity management for mobile security. Its technology provides online security across many industries.
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