Finsphere has reeled in another $1.75 million in venture capital financing, money that the Bellevue company will use to market and develop its mobile security products. Led by wireless veteran Michael Buhrmann, Finsphere’s PinPoint service matches the location of a consumer’s mobile phone with financial transactions occurring at ATMs, banks or retail stores. If something seems out of whack — for example ATM withdrawals are occurring in San Francisco when your phone is actually in Seattle — alerts are sent out.
“Your mobile phone is such a personal device now and it is something that people carry with them everywhere, all of the time, that it can end up being synonymous with who you are,” he told GeekWire. “So, the big idea was: ‘Could we use your mobile phone as a proxy for your identity?”
The company has raised over $20 million to date, including backing from Shasta Ventures, Mohr Davidow and Frazier Technology Ventures. The company has signed up some undisclosed banking customers which use the Finsphere technology to better deal with credit card fraud.
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