Paydiant, provider of a cloud-based, white label mobile payments platform, has announced the closing of a $12 million round of Series B funding.

The funding was led by Stage 1 Ventures, whose Managing Director, David Baum, will join Paydiant’s board of directors. The round also included existing investors North Bridge Venture Partners and General Catalyst Partners. According to Paydiant, the new investment will be used to accelerate product development, sales and marketing.

Paydiant’s mobile wallet solution enables retailers to accept mobile payments and offers using their existing point-of-sale infrastructure while allowing consumers to make payments, redeem offers, and receive e-receipts using their existing iPhone and Android smart phones.

The Paydiant solution is currently deployed in several U.S. regions in partnership with card-issuing banks, merchant processors, POS providers, retailers and restaurants. According to Paydiant, these roll outs will be expanded aggressively in the second half of 2012.