Financial Technologies, Inc. (FTI) today announced that it is in the process of a shutdown and will cease operations by December 31.
The company has notified clients of this plan and intends to curtail its activities over several weeks to effect an orderly transition and provide clients time to find alternate solutions for the services it provided.
The company's decision is based on financial concerns. The company had yet to break even and now lacks sufficient capital to expand its business to the scale needed to achieve profitability.
"A number of equity partners expressed interest in acquiring or investing in the innovative services we have brought to market," said Thomas L. Cable, president, FTI. "Unfortunately, we did not have the time needed to pursue these options and put together a deal that would have allowed us to continue operations. We still believe there is real value in a number of the offerings and will look at ways to re-introduce them in the future."
"Aside from technology and intellectual property, our company's other great asset is its people," Cable continued. "I am proud of the team we built as well as the results we achieved together given our limited resources. Our staff quickly earned a reputation for highly reliable, outstanding customer service. We will do everything we can throughout the transition process to continue the level of service our customers have come to expect from us."
FTI's primary line of business is QuickPost), a deposit and payment forwarding service. The company estimates it was losing more than $1 million per month operating the service and that it would take between 18 to 24 months to reach profitability at current growth rates. FTI launched QuickPost and other services in 2004.