Mobile Banking solution provider, Tyfone Inc. announced closing Series B funding worth $ 5 million from investors including HDFC Holdings Ltd., Polaris Software Lab and a strategic manufacturing partner, and from existing investor, Ojas Venture Partners.

Tyfone plans to use the capital to further expand its SideTap MicroSD memory cards solution for mobile banking services.

“Tyfone was founded in 2004 with the belief that ’mobility’ will create profound changes in the way people everywhere engage in commerce,” said Tom Spitzer, CEO of Tyfone. “Now that our core technology has been developed, patented and is in production, this new funding allows Tyfone the ability to bring our solutions to new markets and build a broader ecosystem. The investors who participated in our Series B financing round bring unique expertise within financial services and we’ll benefit from their knowledge beyond the value of their financial investment in Tyfone.”

“The market for mobile financial services is nascent but significant. HDFC Holdings was impressed with the team, the technology, and patents that Tyfone possesses and we recognize that Tyfone is in a unique position to leverage a global market opportunity,” said V Srinivasa Rangan, director of HDFC Holdings, Ltd.

“Polaris Software Lab's investment in Tyfone is in line with our vision of global leadership in the financial transaction space. Our most comprehensive suite of Intellect products and Tyfone’s groundbreaking innovation in the mobile payments industry will prove to be a potent combination when packaged to deliver greater efficiency and higher value to our customers,” said Arun Jain, founder, chairman & CEO, Polaris Software Lab, Ltd.