Looking to boost resources to meet an expected spike in demand for mobile financial services, ClairMail announced a $13.9 million infusion from VCs including Investor Growth Capital (IGC), a Stockholm firm that specializes in growth-stage tech firms.
ClairMail plans to use the financing to expand its tech infrastructure to meet the growing demand for mobile financial services. The tech firm’s existing investors such as JAFCO Ventures, Northwest Venture Partners and Outlook Ventures, also participated in the round. IGC’s other investments in the US include ID Analytics and a number of health and medical IT firms.
In a statement, Philip Dur, a managing director at IGC, said mobile is a strategic “channel of the future” and that ClairMail has demonstrated rapid growth in North America and an expanding footprint in international markets.
The VC believes mobile banking is set to take off, and there are numbers to support that assertion. According to comScore, 13.2 million people assessed their bank accounts from phones in April of 2010, a 70 percent expansion from 2009, and IDC recently reported that mobile banking usage has almost doubled in the past year.
ClairMail, which faces competition from firms such as M-COM and Firethorn in the mobile banking space, has also been growing—its year over year revenue jumped 300 percent for the quarter ending in June 2010. The company’s customers now include eight of the largest 12 North American banks.