Capital Infusion Led by Investor Growth Capital With JAFCO Ventures, Northwest Venture Partners and Outlook Ventures
SAN RAFAEL, CA--(AllPayNews) - ClairMail, Inc., the leader in mobile banking and payments solutions, today announced a $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, Northwest Venture Partners and Outlook Ventures also participated in the round. ClairMail will use the financing to grow its technology infrastructure and service capabilities to meet the growing demand for mobile financial services.
IGC, known for investments in growth-stage technology companies across emerging markets, is the latest strategic partner to join ClairMail's investor portfolio. This financing follows ClairMail's successive quarters of record revenue growth, including its recently announced 300 percent year-over-year increase in revenue for the second quarter ending June 2010. The company's Financial Institution (FI) customers, now include eight of the top 12 North American banks.
"As a global investor, we have been actively monitoring the mobile banking and payments industry as financial institutions around the world realize that mobile is the strategic channel of the future. ClairMail has demonstrated rapid growth in North America and a greater footprint across international markets," said Philip R. Dur, Managing Director at Investor Growth Capital. "ClairMail's best-of-breed mobile banking and payments platform, and expert management team uniquely positions the company to capture strong market share as adoption in mobile financial continues to mature."
The investment highlights the growing demand among FI's for a mobile banking and payments platform that will meet the evolving needs of their customers. The industry has seen skyrocketing adoption, growth and opportunity in the past year. Data released by comScore showed that 13.2 million people accessed their bank accounts from their phones during the month of April 2010 -- a 70 percent increase from one year ago -- and IDC Financial Insights recently r