Payfone raises USD23.5m to fuel growth in mobile authentication market

Mobile identity authentication provider Payfone has announced a USD23.5-million Series E round of financing, the company said.

BlueCross BlueShield Venture Partners and Andrew Prozes led the round with new investors Strauss Zelnick, Maclab Development Group and Transaction Network Services, and with participation from current investors RRE Ventures, Opus Capital, Relay Ventures, Early Warning Services, American Express Ventures, Verizon Ventures and Rogers Venture Partners.

The financing reinforces Payfone´s work in the high-growth authentication market. Payfone´s mobile authentication technology provides protection against identify theft and social engineering attacks. The company is backed by leading venture firms, financial institutions, and Mobile Network Operators and is based in New York.