US secure mobility services provider Tyfone has gathered USD 5 million in a new funding session.

During the new round of funding, Polaris Software Lab Ireland, a subsidiary of business software developer Polaris Software Lab has acquired a 2.5 percent stake in the mobile contactless company. In previous financing rounds,Tyfone has raised funds from Ojas Venture Partners, a venture capital firm located in India.

Tyfone powers the u4ia platform, a memory card-based mobile payments solution with integrated NFC chipset, controller and integrated antenna for mobile contactless payments. The technology operates in any standard memory card slot and is compatible with both GSM and CDMA phones.

Tyfone provides an infrastructure (software on the phone, middleware platform, and a memory card based token for the contactless payments/NFC) which allows banks to give customers a branded banking and payment system for mobile phones.