ClairMail, which sells mobile tools for banking alerts and transactions, announced today that it has raised $13.8 million in a late-stage round of funding.
ClairMail offers a suite of mobile applications to help consumers stay aware of their account status with each bank. The platform provides a mobile application, text messaging alerts, and the like to update users on new activity regarding their bank accounts. ClairMail also offers mobile payment options and ways for credit card companies to deliver alerts to their customers.
The most recent fundraising round was led by Investor Growth Capital. Existing investors JAFCO Partners, Norwest Venture Partners and Outlook Ventures also participated in the round. The funding is pegged to help improve its mobile infrastructure and for research and development.
Interest in mobile banking has grown lately with each major bank providing its own mobile banking applications. Some financial institutions, like USAA, also offer ways for banking customers to deposit checks simply by taking a picture of the check with an iPhone. Data from comScore indicates that 13.2 million people accessed their bank accounts from their phones in April, which is a 70 percent increase from a year ago. About 41 percent of smartphone users also used mobile banking applications, according to data from comScore.
So far, eight of the top 12 financial institutions in the United States have jumped on board with the mobile banking platform, the company said in a press release. ClairMail has some high-profile banking names like BB&T and Bank of the West as top-tier customers, as well as more than 45 other financial institutions with a reach of 161 million users. ClairMail saw 300 percent growth in its revenue year-over-year in its second quarter of 2010, the company said in a press release.
The San Rafael, Calif.-based company was founded in 2004 and currently has 125 employees. ClairMail declined to disclose its total funding to date.