mFoundry Inc. said it has signed 100 new customers for its mobile banking solution since June and now has a client list of 500 credit unions and banks.
The California-based company has been signing customers at a rate of more than one a day, said its CEO and co-founder, Drew Sievers. He said the company now claims the largest hosted mobile banking platform in North America.
“It’s a blistering pace,” Sievers said. He said only about 15% of the market has gone mobile, leaving more than 10,000 financial institutions as potential customers.
The company’s SaaS (software-as-a-service) solution is sold both directly to financial institutions and through partnerships with companies that include PSCU Financial Services, CO-OP Financial Services, FIS, First Data Corp. Open Solutions, COCC and NCR.
The ability to quickly add new services to the entire customer base has been a key to his company’s success, Sievers said.
“Many financial institutions have selected solutions that are highly customized and nearly impossible to update,” he said. “From the beginning, we designed our solution to be frictionless, providing the fastest path to deployment and ongoing innovation.”
mFoundry was founded in 2004 and has offices in Larkspur and San Francisco. It also manages the Starbucks Card mobile program, in place at more than 6,800 of that company’s stores.
