Dynamics Inc, an interactive card developer, closed a $70 million Series C round of financing which included financial backing from MasterCard.
New investor MasterCard was joined by CIBC, as well as existing backers Bain Capital Ventures and Adams Capital Management. This latest round of funding will help Dynamics to scale its manufacturing operations and extend its technical capabilities and product lines to meet global demand for its interactive payment card technology platform.
Dynamics manufactures intelligent payment cards that can change the digits of a credit card’s number without requiring changes to the physical or financial infrastructure so that the credit card’s magnetic strip can be rewritten on the go. The company also creates cards that offer consumers multiple selectable currencies, access to both debit and credit accounts, and cards with a co-brand that offer credit or debit in conjunction with a separate loyalty application. Dynamics products can also be integrated with mobile devices.
The financial backing from MasterCard is one part of a larger business alliance between the two companies to drive innovation in the interactive payment card market.
“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,” said Carlos Menendez, Group Executive, Global Credit and Debit Products, MasterCard. “Our partnership with Dynamics will further enable us to provide our customers with new, best-in-class solutions to meet the increasingly sophisticated and digital needs of consumers across the globe.”
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