Paydiant is a Boston, MA-based provider of a cloud-based, white-label mobile payments platform offering mobile wallet, cardless ATM access, offer redemption and loyalty capabilities. Its cloud platform enables merchants, banks and payment processors to deploy and manage branded mobile payment and ATM access solutions on their own terms. The solution is deployed in partnership with card-issuing banks, retailers, restaurants, merchant processors, debit/ATM networks and POS providers. Paydiant closed a $15M funding round to support its growth. The company intends to use the funds to accelerate product development, sales and marketing efforts. Paydiant is hiring. Paydiant builds a white‑label, API-based mobile payments platform for banks and merchants to offer their own branded payments and offer‑redemption services on Android and iOS. The company is technology‑neutral and runs cloud‑based transactions; current pilots use QR codes but the platform can support NFC or other mobile payment methods. Its commercial model includes per‑store licensing fees, small transaction fees and a small user fee, with future opportunities described around monetizing transaction data and targeted advertising. Five of the top 15 U.S. banks were in advanced regional pilots at the time of the article, and Paydiant planned to announce customer names and usage metrics by year‑end. The team is focused on expanding white‑label relationships and building out a merchant network through direct engagement with large retailers and partnerships with merchant processors. Paydiant is Boston‑based and had used prior funding to develop its platform and pilot deployments. Paydiant provides a mobile payments tool that lets merchants, financial institutions and other payments participants enable customers to make everyday payments with their phones. The company is based in Boston, MA and was co-founded by Chris Gardner, Kevin Laracey and Joe Paratore. Paydiant plans to formally launch later this year. It closed a $7.6M funding round to accelerate product development, sales and marketing. As part of the financing, Jim Moran of North Bridge and John Simon of General Catalyst joined Paydiant’s board of directors. The company intends to use the proceeds to move the product toward market and expand go-to-market efforts.

Total raised

$35M

Funding rounds

3

Latest round

Equity

Latest activity

Sep 2013