US-based online payment technology developer Dynamics closed a $70m series C round yesterday backed by investors including payment services provider MasterCard.
Mastercard was joined in the round by the Canadian state-backed CIBC, Bain Capital Ventures, which acts as the venture capital unit of private equity firm Bain Capital, and VC firm Adams Capital Management.
Dynamics has developed both smart battery-powered payment devices and payment platforms for online use, and will partner with Mastercard to issue the cards.
The capital will be used to ramp up the manufacturing capabilities available for Dynamics’ Interactive Payment Card, an intelligent credit card equipped with features such as buttons, displays and LEDs.
Jeff Mullen, CEO of Dynamics, explained: “With interactive payment cards, banks can expand card offerings by providing cardholders with several additional on-card payment options that cardholders can select at each purchase.
“By giving consumers easy access to additional options, banks can enable several business models on a single card while building brand and an enhanced cardholder relationship with each purchase.”
The cash took Dynamics’ total funding to more than $110m. Adams Capital Management invested $5.7m in Dynamics in 2009 before participating in a $35m series B round led by Bain in 2011.