wordpress blog stats
Connect with us

Hi, what are you looking for?

Mobile Contactless Payments Co Tyfone Raises $5 Million From Polaris, HDFC Holdings, Ojas

Update: In a press release,Tyfone hs said that it has raised money the $5 million in Series B financing from HDFC Holdings and returning investors Ojas Venture Partners, apart from an unnamed strategic manufacturing partner. Over the past 12 months, Tyfone has also added a US patent for “Electronic Transaction Cards” to its portfolio.

August 23rd: Tyfone, a mobile payments company backed by Ojas Venture Partners has raised around $4,963,364 in a fresh round of funding, as per an SEC filing, $500,000 of which are from BSE listed Polaris Software (via VCCircle & SeattlePi). Polaris has taken a 2.5% stake, thus valuing Tyfone at $20 million. Other investors have not been disclosed. In Feb 2008, Tyfone had raised an undisclosed round of funding from Ojas Venture Partners. Ojas is backed by Nadathur S. Raghavan, co-founder and former joint managing director of Infosys Technologies.

As we’d written earlier, what Tyfone is doing is quite interesting: it enables contactless payments on mobile handsets using MicroSD cards, thus making Near Field Communications possible for existing mobile handsets. The problem for NFC across the world is that devices usually need to be embedded with their chip, for contactless payment systems to be processed, and handset manufactures don’t want to take on that additional cost. Apart from this, Tyfone’s platform also supports payments via SMS, applications and WAP, which they’re providing to Oregon, USA based OnPoint Community Credit Union (pdf). By the looks of it, Tyfone appears to be going after the enterprise market for now, but we do think that this has potential has a consumer facing product, in markets where NFC hasn’t yet taken off.

Founded in 2004, Tyfone is headquartered in Portland, USA with AsiaPac headquarters in Bangalore, India. and its Asia-Pacific headquarters in Bangalore, India. The company has manufacturing relationships in Taiwan and component partners in Israel, Germany, and Singapore.

– Tyfone Partners With First Data For NFC Enabled MicroSD Cards

Advertisement. Scroll to continue reading.

Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.


When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.


The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.


In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...


By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ