Malauzai Software Inc., a provider of mobile banking SmartApps for community financial institutions, has completed a $3 million capital raise.
Malauzai will use the investment to continue to quickly ramp up mobile banking programs for community financial institutions and pursue strategic partnerships. Funds have also been allocated to expand its mobile product offerings, creating a platform that addresses all areas of an institution's operations - retail, business and internal employee-facing mobile applications.
The company currently supports 122 banks and credit unions that are live with its SmartApps and has a total of 170 signed clients. Through these institutions, Malauzai's SmartApps are used by more than 162,000 end users. Malauzai saw a 300 percent revenue increase in 2012 and has grown to a staff of more than 35 employees, many of which have been hired from the local Austin market.
"In the past year we have helped several of our clients achieve industry-firsts with the likes of Debit Card On/Off, SmarText and Picture Pay," said Robb Gaynor, chief product officer at Malauzai. "This latest investment is earmarked to assist Malauzai in expanding its mobile banking products beyond retail apps, to business mobile and employee-facing applications all of which will help our clients continue to beat their competitors in the mobile race."