ClairMail, the leader in mobile banking and payment solutions, today announced that it has posted a record 500 percent year-over-year revenue increase for the third quarter ending September 2010.
The record quarter continues the rapid growth trend the company has experienced in the past 12 months. As a result of this strong momentum, ClairMail's Financial Institution (FI) customers now include eight of the top 12 North American banks.
In addition to the tremendous revenue growth in Q3, end-user adoption of ClairMail's Mobile Banking System increased 558 percent year-over-year and the company has experienced a 740 percent increase in the number of mobile banking transactions from Q3 2009.
ClairMail's record Q3 numbers underscore the strong growth rate of the mobile banking and payments market. Forrester Research reports that Americans nearly doubled their use of mobile banking in the past 18 months, and recent ClairMail research found that mobile banking was the top technology initiative for both large and small FIs for the remainder of 2010 through 2011.
According to a report by Forrester Research, Inc., "Mobile has been a hot topic among eBusiness and channel strategy executives at US financial firms for years, but until now the hype has far outstripped both demand and adoption. With most major US banks, insurers, and investment firms offering some kind of mobile services, financial consumers' awareness of, interest in, and expectations of their mobile devices are rising." The report goes on to say, "We expect the recent growth in mobile financial services adoption to continue as more consumers buy smartphones, younger customers become more financially active, and people simply get more comfortable with the mobile channel." -- "What Financial Functionality US Consumers Want on Mobile Devices," Forrester Research, Inc., July 12, 2010.
ClairMail's record quarter was followed by its $13.8 million late stage round of funding led by Investor Growth Capital (IGC), the wholly owned venture capital arm of Stockholm-based Investor AB. Existing investors JAFCO Ventures, Norwest Venture Partners and Outlook Ventures also participated in the round. ClairMail will use the financing to increase its implementation capacity, and technology infrastructure and services to support expanded customer acquisition. Additionally, ClairMail will grow its engineering efforts and adoption services to meet the growing demand for mobile financial services.
"Our significant revenue increase and the accelerated adoption rates our customers are experiencing over the past quarter demonstrate the heightened demand for mobile banking," said ClairMail CEO Pete Daffern. "While 2010 was the year that mobile banking broke into the mainstream, 2011 will be the year that financial institutions view it as a key strategic initiative to capitalize on the full potential of the mobile channel by extending it across multiple lines of business to generate new revenue streams, reduce costs and increase customer engagement. We will continue to expand our mobile platform to provide financial institutions with an integrated financial services offering to meet this growing demand from their customers."