FIS, a provider of banking and payments technology, has announced that its acquisition of mobile banking provider mFoundry is complete. The sale was announced on Jan. 31, 2013. FIS, which owned 22 percent of the mobile banking startup, agreed to buy the remaining 78 percent for $120 million pending contractual obligations and regulatory approval. Those obligations have been met and approval has been secured.

"Delivering industry-best mobile solutions that underpin our clients' ability to reach and serve their customers is a key focus area for FIS," said Gary Norcross, FIS president and chief operating officer. "The mFoundry acquisition supports our mobile strategy to make this new era of mobile-driven commerce possible by providing the strategies and integrated solutions that financial institutions need to create the personalized mobile experiences their customers desire."

MFoundry has built mobile banking solutions for more than 850 financial institutions. Its clientele includes Bank of America and PNC Bank as well as one-third of the 50 largest banks in the U.S. Perhaps more importantly to mobile payments aficionados (and coffee fans), mFoundry is the company behind the popular Starbucks mobile payment application.

MFoundry is headquartered in Larkspur, Calif. The company was founded in 2004 and raised more than $40 million in capital before being acquired.

FIS is based in Jacksonville, Fla. and is among the largest providers of bank technology. The company has more than 32,000 employees and boasts a customer base of 14,000 FIs in 100 countries.

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