mFoundry Platform Crosses 1-Million Users

SAN FRANCISCO, Aug. 26 /PRNewswire/ -- mFoundry, the award-winning provider of secure mobile financial solutions, announced today that its mobile platform has now exceeded the one-million user mark.

"Over the past year we've seen torrid growth in end-user adoption and new client signings," noted mFoundry CEO and Co-Founder Drew Sievers, "The proliferation of smartphones into the market, combined with the rapid uptake of mobile banking technology by banks and credit unions, is providing a fertile foundation for business growth."

With nearly 200 customers, much of mFoundry's traction in new sales is coming from the emerging middle market of credit unions and community banks who are looking for a cost effective way to deliver the most powerful mobile solution possible. mFoundry's product is ideally suited for these financial institutions, delivering a highly configurable, scalable solution that supports all mobile modes. Using predefined online banking and core system interfaces, mFoundry and its partners are able to rapidly deploy industry-leading solutions with lower upfront costs and the industry's fastest time to market.

"While there are some reports indicating that mobile banking growth is slowing, our experience is the complete opposite," commented Sievers. "Over the past nine months, we've seen an average of 10 to 15 new customer signings per month across our direct and channel sales efforts. User adoption is also scaling rapidly with average sequential monthly growth of more than 10%, or nearly 300% annual growth."

"Nearly all of the large financial institutions in North America have deployed a mobile banking offering," said Bob Egan, Chief Analyst at the Tower Group. "In order to compete in the middle and lower end of the market, mobile solution providers have to deliver value. Providers who can't deliver a high quality solution quickly and efficiently will be at a significant disadvantage in the sales process, while those with directly connected solutions and closely aligned strategic partners will be perfectly positioned to scale their businesses."

"mFoundry and its partners have been able to grow quickly because of our investment in technology to enable a bank or credit union to launch in 90 days or less," added Sievers.  "Going live is a simple matter of configuring the product through a web-based console, often choosing predefined adapters into core processing, online banking, card processors, and location providers.  It's all about removing friction from the deployment and focusing on adoption and a simple, intuitive user experience."    

"From the decision in the fourth quarter to launch mobile banking, to a soft marketing campaign in mid-February, and hard delivery to our customer base in March," said Angelo Valletta, CIO & SVP of Sun National Bank, "we would not have been able to implement that rapidly without mFoundry."

With its growing base of users, mFoundry is able to track trends in mobile banking adoption and usage. To learn more about mobile banking usage, please contact [email protected].

About mFoundry
mFoundry is the leading provider of secure mobile financial services to banks, credit unions, merchants and processors. As the mobile technology provider to Fidelity National Information Systems, First Data Corporation, NCR, the CO-OP Financial Services, and PSCU Financial Services, our award winning product is used by nearly 200 banks and credit unions in the USA.

mFoundry is the only mobile banking provider with a live, nationwide mobile payments solution. As the technical force behind Starbucks Card Mobile, mFoundry leverages its payments knowledge to help financial institutions, payment processors, and merchants create deeper, more valuable customer relationships.

mFoundry is based in the San Francisco Bay Area and has been recognized as one of "10 Emerging Wireless Players to Watch" by IDC as well as the top "Tech Company to Watch" and a three-time top "Innovator" by Bank Technology News.  For more information on mFoundry, please visit www.mfoundry.com . 

SOURCE mFoundry