Dynamics has closed a $70m Series C round of financing. New investors MasterCard and CIBC were joined by existing backers Bain Capital Ventures and Adams Capital Management.
The additional capital will help Dynamics to continue to meet global demand for its "Interactive Payment Card" technology platform. Dynamics will have an increased ability to scale its manufacturing operations and extend its technical capabilities and product lines.
"We have successfully brought to market the only offering that provides banks with interactive functionality on the physical card and we are doing it as a young, growing player in an extremely established marketplace. Consumers can now enjoy additional value whenever they make a purchase simply by pressing a button on their card." said Jeff Mullen, Chief Executive Officer, Dynamics. "Combined with the expertise from industry leaders such as MasterCard and CIBC, consumers will continue to see exciting new products from Dynamics both domestically and internationally."
The financial backing from MasterCard is one part of a larger expanded business alliance between the two companies that will seek to provide consumers with added choice, flexibility and security when using payment cards at the point of sale.
"We see a future where every device becomes a commerce device. This not only includes a shift to mobile-based payments, but also a move from ‘static’ plastic to ‘dynamic’ interactive payment cards and systems," said Carlos Menendez, Group Executive, Global Credit and Debit Products, MasterCard. "Our partnership with Dynamics will further enable us to provide our customers with new best-in-class solutions to meet the increasingly sophisticated and digital needs of consumers across the globe."
"Our partnership with Dynamics to develop new products is already having a positive impact with our clients and in the market," said David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC. "We have a strong history of innovation and we look forward to working with Dynamics on further opportunities to put innovation into the hands of our clients."
"The support and guidance of Bain Capital Ventures and Adams Capital Management has been instrumental to Dynamics’ traction in the market," said Mullen. "We look forward to continuing our close relationship with our institutional partners and appreciate their confidence and expertise as we continue our growth."