There is no mistaking where
the money is going in the payments industry as another
m-payments start-up company announces it has closed a $7.6m
investment deal.

This time, it is the turn of Boston-based
Paydiant that has secured funding from investment firms North
Bridge Venture Partners and General Catalyst Partners. It is
claimed the money will be used to accelerate product development,
sales and marketing for the company, which plans to formally launch
later this year.  

“Enabling consumers to use their phones to
make everyday purchases is a huge market opportunity,” said Chris
Gardner, co-founder of Paydiant.

“We have assembled a team who understand both
the business and technology issues that must be addressed to create
new mobile payments offerings for broad adoption. We are fortunate
to partner with North Bridge and General Catalyst who also have
deep expertise in both mobile and payment technologies.”

Paydiant was co-founded by Gardner, Kevin
Laracey and Joe Paratore. The three men worked for the online and
payments company edocs, where they fulfilled roles such as the VP
of products and marketing, co-founder and CEO and VP of engineering
and technical services respectively.

The acquisition of edocs by e-business
software company Siebel – and later technology vendor Oracle –
forced the men to go their separate ways but Paydiant brings them
back together.

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By GlobalData