MasterCard and Canadian bank CIBC have joined a $70 million series c funding round for Dynamics, an American outfit that makes "interactive" payment cards with buttons that users press to access different features.
Dynamics' technology let users toggle between options by pressing different buttons on their cards at the point of sale. It is used by banks in the US and Canada and enables shoppers to do things like choose between different reward options and pay by either credit or debit.
MasterCard is not only investing in Dynamics but expanding its alliance with the firm to help push it to banks. Carlos Menendez, group executive, global credit and debit products, MasterCard, says: "We see a future where every device becomes a commerce device. This not only includes a shift to mobile-based payments, but also a move from ‘static’ plastic to ‘dynamic’ interactive payment cards and systems."
Dynamics says that it will use money from the round - which was also joined by existing investors Bain Capital Ventures and Adams Capital Management - to scale manufacturing operations and extend technical capabilities and product lines.