Dynamics, a 200-employee card technology company based near Pittsburgh, has captured a $70 million investment from a group that includes MasterCard, according to a report in the Pittsburgh Tribune-Review. What makes Dynamics interesting, company execs said, are the security enhancements they are creating for payment cards.
“As part of the deal, [Dynamics] will supply cards with enhanced security and other features to MasterCard and the Canadian Imperial Bank of Commerce, which joined with Bain Capital Ventures and Adams Capital Management in the fundraising round,” the story said.
Dynamics CEO Jeff Mullen was quoted saying that the enhanced card will have five buttons that customers can use to enter a security code and that it will be available in 2015. “In order to turn the card on, you have to enter an unlocking code,” Mullen said. “If the card is lost or stolen, it’s a dead piece of plastic.”
The technology works on magstripe, NFC-based contactless and EMV cards, Dynamics said.
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