Feb 12, 2013 Dave King
Technology provider FIS has taken a bigger step into the mobile payments industry by acquiring the mobile banking startup mFoundry.
FIS, which already owned a 22 percent stake in mFoundry, bought the remaining 78 percent for $120 million, the company announced.
"mFoundry has a well-earned reputation for innovation, powerful vision and agile development and delivers one of the most advanced mobile platforms in the market today," said FIS president and CEO Gary Norcross.
The mobile banking company? provides services to more than 850 financial institutions, including many large banks such as Bank of America and PNC Bank. In addition, the California-based company devised Starbucks' popular mobile payment app. FIS, headquartered in Jacksonville, Florida, has 32,000 employees. Its clients include more than 14,000 financial institutions in 100 countries.
mFoundry's CEO and co-founder Drew Sievers said the firm will now be able to expand its market opportunities with the resources of FIS behind it. The company has already begun to grow beyond mobile banking. Its new platform, Fin.X, was launched in October 2012 with the ability to connect its financial partners with insurance and gift card providers.