Zumigo, which uses location data from mobile devices to secure financial transactions, has raised $6 million in Series B financing, Payment Week reported on Friday (Aug. 22).
The funding round, which brings total investment in Zumigo to $7.7 million, was led by Intel Capital, and also included the Wells Fargo Startup Accelerator and Aligned Partners. The new investment will be used to expand the delivery and development of the company’s mobile location solutions in order to guarantee secure mobile commerce, the company said. Zumigo approves transactions based on the location of customers derived from mobile network data.
It identifies the correct customer and device by using location and network data across all networks and mobile devices. The company has been working with leading financial institutions worldwide to guarantee secure payment transactions and prevent breaches.
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