Payfone, a US-based mobile authentication technology company which is already backed by American Express, Verizon and Rogers Communications, has accepted an equity investment and commercial agreement from Early Warning Services, a financial services-focused fraud detection company owned by Bank of America, BB&T, Capital One, JPMorgan Chase and Wells Fargo.
The equity investment is reported by Bloomberg to be $10m, bringing Payfone’s total funding to $40m and valuing the company at $500m.
Early Warning joins existing strategic investors including American Express, Verizon Wireless and Rogers Communications, as well as venture firms.
Rodger Desai, Payfone chief executive officer, said: “With this investment and commercial agreement, Early Warning and its owner banks have demonstrated their support for Payfone’s secure mobile authentication capabilities. These mobile security capabilities are essential to keeping consumers safe in an increasingly mobile-centric world.”