Malauzai Software Inc., a provider of mobile banking SmartApps for community financial institutions, has received a $6.48 million Round C investment led by Wellington Management Company, LLP. Previously, Malauzai had raised around $5.3 million.
Malauzai currently supports more than 260 banks and credit unions, making advanced mobile functionality accessible to small and mid-sized community institutions. Through these institutions, SmartApps are leveraged by more than 300,000 consumers and businesses. The company has pioneered mobile features such as Picture Pay, Debit Card Management, 4-digit pin log-in and quick view of balance and transactions without the need to sign-in.
Malauzai will use the investment to continue to grow the organization and expand the functionality of its SmartApps. The company also plans to deploy more resources around marketing and sales efforts to improve market presence. In addition, Malauzai's clients will see the benefits of this latest round of funding as the company increases its efforts to help them drive mobile banking adoption among account holders.
"Our goal is to level the mobile banking playing field and arm community institutions with technology that meets, and often exceeds, the mobile features offered by the big banks," said Tom Shen, chief executive officer at Malauzai. "As mobile banking continues to grow in both usage and functionality, it's vital that this market segment has the tools to compete. This most recent investment will allow us to drive those efforts even further."