Malauzai Software Inc., a leading provider of mobile banking applications for community financial institutions, announced it has completed a $2.3 million capital raise.
The company will use the funds to expand its footprint in mobile banking, pursue strategic partnerships and increase awareness of its proprietary SmartApp platform. Malauzai makes this announcement on the heels of forming distribution partnerships with Catalyst Corporate Credit Union and CFC Technology, accelerating access to next-generation mobile banking apps for community financial institutions.
"This investment validates our initial successes and speaks to the demand for more robust mobile banking applications from community financial institutions," said Robb Gaynor co-founder and chief product officer at Malauzai. "Currently, we have 15 institutions live and 49 signed. With the proliferation of smart devices and increasing consumer demand for features like mobile deposit capture, rewards and debit on/off; we anticipate rapid growth in 2012 and beyond."
"Malauzai is not trying to be all things to all people," said Chip Mahan, CEO at Live Oak Banking Company, a Malauzai investor. "Specializing in mobile banking applications strategically positions the company to satisfy the growing demand from consumers for more dynamic and engaging mobile banking apps. Malauzai's visionary leadership combined with an innovative approach to mobile banking will continue to make them successful in the financial services industry."
"Mobile banking is no longer a competitive advantage. It's becoming a competitive imperative," said Gaynor. "As financial institutions face-off within the mobile channel, they will start looking for ways to differentiate mobile offerings and increase consumer adoption. To get consumers to adopt mobile banking, financial institutions will need to give consumers a better mobile experience and offer features that either save time or solve problems."
Malauzai's SmartApps are available for smartphones and tablets (iPad/Android). The company defines a SmartApp as a mobile app that delivers superior customer experience. The term "smart" is used because the app can be updated in real-time from a centralized location. SmartApps can also be tailored for separate customer segments. The company created SmartApps in response to the demand for a dynamic, customer-focused smartphone application. Malauzai's platform is based on three tenets designed to enhance the customer experience, while driving profitability within the mobile channel. The components are Cool Social Banking SmartApps, an Application Management System to manage SmartApp growth across platforms, and Mobile Marketing to drive bank revenue.