Alternative banking startup receives new round of funding

A Dallas-based startup firm that specializes in alternative banking and mobile financial services recently received a new round of funding from its venture capital investors. Mizodo, which began operations in 2006, received seed and early-stage investments from California-based TomorrowVentures, with funding going toward new mobile infrastructure that can handle transactions across numerous platforms. In addition to expanding its research and development, Mizodo said that funding will allow the company to enhance its commercial deployment programs that help underbanked consumers by providing them alternate sources of credit and financial resources. "We are very excited for this opportunity to enhance and expand our suite of mobile financial services into new markets via the financial support of TomorrowVentures," Craig McNeil, Mizodo chief executive officer, said in a statement. "Our offering is available to a sizable market of more than two billion unbanked and under-banked global consumers." Mizodo's targeted base includes retailers, financial institutions and mobile network providers, helping them "move money, pay bills, make purchases and accept social payments" in a global space.