Tyfone Closes Funding Deal with India's Ojas Venture Partners

Tyfone, Inc., a developer of a software and hardware platform for bank-branded, mobile banking, mobile contactless payments and retail merchant services, announced the completion of a financing round led by Ojas Venture Partners, an India-based venture capital firm specializing in technology start-ups. The terms of the financing were not disclosed.
Tyfone will use the investment to scale its three areas of business - mobile banking, mobile payments including contactless payments and retail merchant relationship services in the US and international markets. The company will continue to ramp-up global sales and operations teams, including operations in China. Building upon the recent milestone with iflex(R) Solutions and the win of West Coast Bank's implementation in the US, Tyfone is aggressively pursuing revenue targets both organically and through channel and reseller partnerships in the US and abroad.

Nadathur S. Raghavan, co-founder and former joint managing director of Infosys Technologies and member of the Board of Directors of Ojas Venture Partners, notes, "Tyfone's patented technology is intriguing and unique in its approach to mobile financial services. In addition, the mature and pragmatic management team plans to execute well and lead the space. By utilizing its breakthrough technologies and leveraging key partner strengths, Tyfone is positioned to grow quickly in 2008."
Rajesh Srivathsa, managing partner of Ojas Venture Partners, continues, "Tyfone has developed an innovative technology to enable existing mobile phones to be used for 'wave-and-pay' contactless payments, facilitating retail financial services. I see this as a competitive advantage in mobile payments, one that will position Tyfone as a leader in the mobile space within the next year to 18 months."
"This vote of confidence and financial endorsement from Ojas Venture Partners is a testament to Tyfone's ability to be a dominant player in this market and strengthens our global momentum," comments Tom Spitzer, Tyfone's chief executive officer. "By early 2008, Tyfone will have the teams and partners in place to roll-out our innovative, modular and highly flexible, plug-and-play mobile banking, mobile contactless payments and retail merchant services platform to banks in the US and worldwide."

Tyfone, Inc. has developed an extensible hardware and software platform for bank-branded mobile banking, mobile contactless payments and mobile retail merchant relationship services. Bank customers receive end-to-end secure mobile services available on most mobile phones with any mobile carrier.

Tyfone's CEO to Present at Mobey Forum's Asia Meeting in Hong Kong

Tyfone, Inc., developer of a software and hardware platform for bank-branded, mobile banking and mobile payments,announced that its CEO, Tom Spitzer, will be making a presentation to the members of Mobey Forum at its first-ever Asia meeting to be held in Hong Kong on November 26, 2007.

Tom Spitzer, Tyfone's chief executive officer, comments, "Tyfone's bank-by-bank, analytics-intensive approach along with our secure element solution appeals to banks. I am pleased to have the opportunity to present our business analysis and to share Tyfone's ideas and industry experience with Mobey Forum's members."

Mobey Forum (www.mobeyforum.org) is a global, non-profit consortium driven by the finance industry to encourage banks to offer mobile financial services (MFS) by creating sustainable business models. The organization offers members a neutral platform to discuss their MFS challenges and further its mission through cross-industry collaboration, experience sharing and cooperation with relevant stakeholders.

The Tyfone mobile platform architecture is modular and highly flexible for plug-and-play implementation with current core banking and Internet banking systems. Its security technology provides end-to-end secure communications and transactions. The unified platform also enables contactless payments and mobile retail offers to bank customers who opt-in via the merchant services product.

Prabhakar Tadepalli, managing director of Tyfone's India and Asia sales and operations, continues, "The conference coincides with Tyfone's Asian expansion initiative and aligns with Mobey Forum's founding principle of sharing experiences regarding solutions, including those based on secure elements. Tyfone hopes this meeting will mark the beginning of a new generation of solutions in the region."

Tyfone, Inc. developed an extensible hardware and software platform for bank-branded mobile banking, mobile contactless payments and mobile merchant relationship services. Bank customers receive secure mobile services on most mobile phones with all mobile carriers. Tyfone partners with i-flex(R) Solutions, a majority-owned Oracle company and global leader providing IT solutions exclusively to the financial services industry.