Banking and payments technology solutions provider Fidelity National Information Services (FIS) increased their stake in mFoundry, one of the most popular mobile banking vendors in the US.

The two companies have been working together on mobile banking solutions over the past several years, already serving more than 200 financial institution clients. Just a few months ago, mFoundry received $18 Million in growth capital by FIS, MasterCard, Intel Capital, and Motorola Mobility. According to the company, the recent investment will help to combine FIS’ position in financial services technology with mFoundry’s mobile banking products. mFoundry also recently announced a strategic partnership with MasterCard to push NFC-enabled mobile payments solutions.

MasterCard is investing in mFoundry, a mobile banking and payments solutions provider for retailers and financial institutions. In addition to the strategic investment MasterCard and mFoundry announced an international partnership, combining MasterCard’s NFC-based PayPass technology with mFoundry’s mobile financial services platform, to make mobile payments accessible to more customers.

Founded in 2004, California-based mFoundry now has more than 500 banks and credit unions customers for their software-as-a-service (SaaS) mobile banking and payments technology. mFoundry developed and manages Starbucks Card Mobile application, one of the most successful mobile payment services in the US.

The collaboration will help MasterCard to expand its PayPass technology to more payment providers and strengthening the company’s position in the emerging field of mobile payments. “This collaboration is going to allow more banks, credit unions and mobile phone operators around the world to offer their customers the convenience and security of Mobile PayPass,” commented Ed McLaughlin, chief emerging payments officer, MasterCard.