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ClairMail secures $13.8m funding

04 October 2010  |  5787 views  |  0 Wells Fargo M-banking

US mobile banking and payments outfit ClairMail has secured $13.8 million in a late stage funding round led by Investor Growth Capital (IGC) and including existing investors Jafco Ventures, Norwest Venture Partners and Outlook Ventures.

ClairMail will use the money to grow its technology infrastructure and service capabilities as it bids to meet growing demand for mobile financial services. The company recently announced a 300% year-over-year increase in revenue for the second quarter and claims eight of the top 12 North American banks as customers.

According to comScore, 13.2 million people accessed their bank accounts from their phones during April 2010 - a 70% increase on the previous year. Meanwhile, ClairMail says its own internal research projects that 46% of the top 600 banks are planning to purchase or implement mobile banking strategies in 2010.

Pete Daffern, CEO, ClairMail, says: "We remain committed to providing the best technology and services to power the adoption of mobile banking and payments. This capital will enable us to invest in key areas of our business, further strengthening our leadership position in the mobile financial services market."
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