PITTSBURGH--(BUSINESS WIRE)--Dynamics Inc., an innovator in next-generation payment cards, won Best of Show at the 2011 BAI Retail Delivery conference in Chicago with its next-generation magnetic stripe technology.
Started over 30 years ago, BAI is the largest retail financial services event in the world. Thousands of banking professionals participated and 215 payments companies exhibited at the conference. The award was presented by the Credit Union National Association in appreciation for demonstrating commitment to credit union technology.
“This award reaffirms the ability of Dynamics’ products to empower consumers and address significant challenges facing financial institutions,” said Jeff Mullen, Dynamics CEO. “As consumers demand more flexibility and security from their payment cards, Dynamics’ magnetic stripe technology will deliver unprecedented value across the entire ecosystem.”
Dynamics’ next-generation powered payment cards include the award-winning Electronic Stripe®, the world’s first fully card-programmable magnetic stripe. For example, buttons on each card enable the consumer to decide at the point of sale whether to pay for a purchase with credit or to pay for a purchase with rewards points. The user can swipe the card at a magnetic stripe card reader and information associated with the user’s selection may be communicated through the Electronic Stripe®.
About Dynamics Inc.
Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its President and CEO. Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company's first commercial application is the world's first fully card-programmable magnetic stripe for use in next-generation payment cards. The company has won many of the world's most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company won DEMOgod and the $1M People's Choice Award at DEMO Fall 2010 and Best of Show at FinovateFall 2010 and FinovateFall 2011. In January, the company won Best in Show at the 2011 International CES for Personal Electronics. Dynamics has closed a $5.7M Series A round led by Adams Capital Management and a $35M Series B round led by Bain Capital Ventures. Dynamics is headquartered in Pittsburgh, Pa. More information on the company, its technology and applications can be found at www.poweredcards.com.
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