Tyfone, Inc., a developer of a software and hardware platform for bank-branded, mobile banking, mobile contactless payments and retail merchant services, today announced the completion of a financing round led by Ojas Venture Partners, an India-based venture capital firm specializing in technology start-ups. The terms of the financing were not disclosed.

Tyfone will use the investment to scale its three areas of business – mobile banking, mobile payments including contactless payments and retail merchant relationship services in the US and international markets. The company will continue to ramp-up global sales and operations teams, including operations in China. Building upon the recent milestone with iflex® Solutions and the win of West Coast Bank’s implementation in the US, Tyfone is aggressively pursuing revenue targets both organically and through channel and reseller partnerships in the US and abroad.

Nadathur S. Raghavan, co-founder and former joint managing director of Infosys Technologies and member of the Board of Directors of Ojas Venture Partners notes, “Tyfone’s patented technology is intriguing and unique in its approach to mobile financial services. In addition, the mature and pragmatic management team plans to execute well and lead the space. By utilizing its breakthrough technologies and leveraging key partner strengths, Tyfone is positioned to grow quickly in 2008.”

Tyfone’s US corporate headquarters is in Portland, Oregon. The company also has an Asia headquarters located in Bangalore, India.