Payfone Raises $10 Million, Valued at $500 Million
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Payfone Inc., a provider of mobile-phone security, is raising $10 million from Early Warning Services LLC, a provider of fraud-detection tools for banks and financial-services companies.
The deal, part of a commercial agreement between the companies, brings New York-based Payfone’s total funding to about $40 million, Payfone Chief Executive Officer Rodger Desai said in an interview. Payfone’s other investors include American Express Co., Opus Capital, RRE Ventures and Relay Ventures.