Bank of America complements mFoundry's existing strategic investors Motorola, PayPal, and NCR, and venture backers GRP Partners, Ignition Partners and Apax Partners. mFoundry's platform, enabling banking, payments, wallets, and eCommerce from mobile phones, is a widely used platform in the United States.

"We are very pleased to have Bank of America as an investor in our company," said Drew Sievers, CEO and co-founder of mFoundry. "We are proud to have Bank of America's investment in our Company as our products continue to gain support from financial and mobile industry leaders."

"Mobile banking is a critical channel for our customers now and into the future. Bank of America currently has more than one million Mobile Banking customers who have embraced the convenience of being able to manage their finances 24/7 from anywhere. This investment further solidifies the importance of having a strong mobile technology platform," said Lance Drummond, eCommerce and ATM executive for Bank of America.