mFoundry

About mFoundry

mFoundry operated as a provider of mobile banking and payments technology, establishing a significant footprint in the financial services and retail sectors before its acquisition. The company was founded in 2004 by Drew Sievers, who served as CEO, and Rodney Aiglstorfer, the CTO. Sievers' background in marketing and strategy, combined with Aiglstorfer's technical expertise, created a well-rounded leadership team that successfully navigated the nascent mobile technology market. A pivotal moment for the company was securing a contract with Citibank, a deal which Sievers described as a "happy accident" that led the company to pivot its entire strategy to focus on mobile banking.

The firm's business model was centered on providing a software-as-a-service (SaaS) platform that enabled financial institutions and retailers to offer mobile financial services to their customers. This approach allowed clients, ranging from large national banks like Bank of America and PNC Bank to smaller regional institutions, to deploy mobile banking without the high costs of in-house development. The platform supported a variety of features, including account inquiries, funds transfers, bill payments, and remote deposit capture, delivered through SMS, mobile web, and downloadable applications. A notable achievement was the development of the initial mobile payment application for Starbucks, which became one of the most successful mobile payment programs in the U.S. and highlighted the company's capabilities beyond traditional banking.

mFoundry's growth was fueled by over $50 million in funding from a diverse group of strategic investors, including MasterCard, Intel Capital, Motorola Mobility, PayPal, and FIS. This network of partners was crucial, allowing the company to expand its reach and credibility. By 2013, the company served over 850 financial institutions. In January 2013, Fidelity National Information Services (FIS), a major provider of banking technology that already held a 22% stake, announced its agreement to acquire the remaining 78% of mFoundry for $120 million, valuing the total deal at approximately $165 million. The acquisition was completed in March 2013, integrating mFoundry's platform into FIS's broader suite of mobile financial solutions.