Zumigo to Expand Secure Mobile Payment Solutions with New Funding

Zumigo Corporation, a pioneer in mobile device location and identity verification, has raised $6 million in funding, which will be used to expand the delivery and development of the company’s mobile location solutions in order to guarantee secure mobile commerce.

The Series B financing was led by Zumigo’s new investor, Intel Capital, which sees the former as a leader in commerce fraud solution.

“In an increasingly connected world, mobile, cloud, security, location and commerce are fundamental to any services strategy,” said Hank Skorny, Vice President and General Manager of Intel Services. “With their best-in-class commerce fraud solution, we see Zumigo as a leader in this space.”

Chirag Bakshi, founder and CEO of Zumigo, said: “We are seeing a plethora of new security, financial and other applications that will utilize Zumigo’s products. This new financing validates our direction and success, and will accelerate growth in our core business of providing mobile location and identity products to financial organizations and enterprises alike.”

Zumigo approves transactions through the location of customers and identifies the right customer with the right 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.