Malauzai Software, a provider of mobile and Internet banking SmartApps for community financial institutions, concluded 2014 with a 135 percent growth in revenue for the year. Additionally, the company more than doubled its customer base to now include more than 320 community banks and credit unions.
“Overall, the growth our company has seen is outstanding and encouraging,” said Tom Shen, chief executive officer of Malauzai. “We are able to expand our reach and bring community financial institutions first-to-market functionality through a mobile only experience across platforms in many cases far out striping what the large money center banks can deliver.”
Part of Malauzai’s growth can be attributed to the launch of several new product lines in 2014, including an Internet banking replacement solution - SmartwebApps, a business mobile offering and employee-facing mobile applications. These products are an extension of the Mobile Only Experience (MOX) Everywhere brand, which expands the innovative mobile and web tools that community financial institutions can offer their account holders in order to compete and gain market share. Malauzai was also the fuel behind the new virtual bank, BankMobile, which launched specifically to focus on the millennial segment and is the first mobile-only bank in the U.S. financial markets.
With more than 650,000 SmartApp downloads and 275,000 active end-users, Malauzai has seen a dramatic uptick in banks’ and credit unions’ adoption of the mobile channel. On average, a community financial institution is experiencing a 35 percent growth rate in the channel, and best-in-class banks and credit unions are seeing growth in excess of 55 percent.
Malauzai’s employee growth doubled in 2014 as well, adding 30 mobile channel experts. The company also completed a $6.5 million round of funding, with capital supplementing its rapid growth.
“This has been an exciting year, and we are now poised to further disrupt the FinTech space and the vendors that serve it,” said Robb Gaynor, chief product officer of Malauzai. “We love the work we do with community FIs and will continue working tirelessly to bring them the tools and technology they nring them the tools and technology they need to serve their account holders.”