Malauzai Software, which makes mobile apps for banks, announced it has received a $6.48 million in venture capital.
The Austin-based company received the Round C investment, led by Wellington Management Co., last week. The company, founded in 2010, has previously raised $5.3 million.
Malauzai has more than 260 banks and credit unions as customers. It reaches more than 300,000 consumers with its mobile banking apps. It has created 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.”
The company plans to use the investment to further develop its products, on marketing and sales.
“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,” Malauzai’s CEO Tom Shen said in a news release. “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.”
