Mobile banker Tyfone gets funding millions

Tyfone, which develops hardware and software for white label mobile banking and mobile contactless payments, has got a funding injection from Indian-tech-focused VC firm Ojas Venture Partners. Tyfone says it will use the cash injection “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”.

Tyfone, whose customers include West Coast Bank, didn’t disclose how much the funding was worth but one report suggests the figure could well be in the millions.

Mobile watchers reckon mobile banking is going to go through a “gold rush” any time now, with a report from Juniper Research predicting 612 million mobile phone users generating over $587 billion worth of financial transactions by 2011.