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M-payments start-up Paydiant raises $7.6m

22 February 2011  |  7046 views  |  0 cash

US mobile payments start-up Paydiant has raised $7.6 million in a series a funding round led by North Bridge Venture Partners and General Catalyst Partners.

Boston-based Paydiant - which plans to formally launch later this year - was co-founded by Chris Gardner, Kevin Laracey and Joe Paratore.

Gardner and Paratore both worked at edocs, the online billing and payments outfit co-founded by Laracey and sold to Siebel Systems in 2005. Gardner and Paratore later worked together again at SMS payments outfit m-Qube.

The group have yet to provide details on the new venture but will use the new investment for product development, sales and marketing. Jim Moranfrom North Bridge and John Simon, of General Catalyst have also joined Paydiant's board.

Says Gardner: "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. This group has hands-on experience creating and operating successful online and mobile platforms that facilitate billions of dollars in payments for many of the world's largest companies today."

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