Paydiant receives a $12 million investment

PRESS RELEASE - Paydiant receives a $12 million investment

Paydiant, which provides a cloud-based, white label mobile payment and offer redemption platform for retailers, banks and payment processors, said today it has closed a $12 million funding round, which will be used to speed up product development as well as sales and marketing.

The Series B funding round was led by Stage 1 Ventures, and also included existing investors North Bridge Venture Partners and General Catalyst Partners. Stage 1 Ventures Managing Director David Baum will join the Wellesley company’s board of directors.

Paydiant said it raised $7.6 million in February 2011.


The company said that while other mobile payment solutions require consumers to buy new phones or retailers to invest in costly new payment terminals, Paydiant works with existing smartphones, POS systems and payment terminals, including entry-level countertop devices.