DeviceFidelity
DeviceFidelity develops plug-and-play technologies that enable organizations to deploy their services and applications on mobile phones.
| Date | Investors | Amount | Round |
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| N/A | €0.0 | round | |
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| Total Funding | 000k | ||
DeviceFidelity, Inc. operated in the financial software sector, specializing in mobile payment and security solutions. Founded in 2007 by Deepak Jain and Amitaabh Malhotra, the company was established to develop technologies that transform mobile phones into contactless transaction devices. CEO Deepak Jain, a strategic leader with extensive experience in the fintech space, holds numerous patents in payment and security technologies and was recognized as a finalist for the Ernst & Young Entrepreneur of the Year in 2012 for his work with the company.
The firm's core business involved creating plug-and-play solutions for financial institutions, telecom operators, and merchants, enabling them to deploy services on mobile devices. Its business model centered on the design and sale of hardware and software solutions that integrated with existing mobile infrastructure. A key product was the patented In2Pay technology, which utilized a secure microSD card that could be inserted into a phone's memory slot to enable Near Field Communication (NFC) capabilities for payments and other applications like transit and access control. To support phones without a microSD slot, such as early iPhones, DeviceFidelity developed a protective case with an embedded In2Pay microSD, allowing these devices to make contactless transactions. This approach allowed consumers to use their existing smartphones for mobile payments without needing to upgrade their device or change carriers.
Over its history, DeviceFidelity achieved several milestones, including raising $13.2M in funding and securing multiple patents for its NFC technology. The company formed strategic collaborations with major players in the payments industry, including Visa and MasterCard, to accelerate the adoption of mobile contactless payments. One of its notable consumer-facing products was moneto, an NFC mobile wallet for both iPhone and Android platforms, launched in 2012. In November 2014, DeviceFidelity was acquired by Kili Technology Corporation, a developer of payment processing solutions. Following the merger, DeviceFidelity became a wholly-owned subsidiary, with its founders continuing in their leadership roles to integrate their NFC products with Kili's "mPOS Solution-on-a-Chip" technology. The combined entity aimed to offer a comprehensive portfolio of mobile payment, security, and acceptance solutions. Keywords: mobile payments, NFC technology, contactless transactions, secure microSD, In2Pay, fintech, financial software, mobile security, payment solutions, plug-and-play, moneto wallet, Amitaabh Malhotra, Deepak Jain, Kili Technology, mobile point-of-sale, POS, contactless payment, payment acceptance, secure element, mobile wallet