Fast-growing Austin tech firm Malauzai raises $6.5 million

May 23, 2014
Austin American Statesman

Austin-based Malauzai Software Inc., which develops mobile banking applications for community financial institutions, said Thursday it has raised $6.5 million to help fund its continued growth

The funding was led by Boston-based Wellington Management Company, Malauzai said. The company said it plans to use the funding to “deploy more resources around marketing and sales efforts to improve market presence.”

Counting the new round of funding, Malauzai has raised about $11.8 million

Founded in 2009 by financial software industry veterans Tom Shen and Robb Gaynor, Malauzai builds mobile apps for banks to offer their customers. Using a smartphone or tablet, customers can securely review their accounts, transfer money between accounts and check recent transactions

Malauzai moved to Austin in 2010 from Calabasas, Calif., drawn in part by the area’s growing base of banking-related software companies. The company has 45 employees and plans to reach 65 by the end of the year, Gaynor said

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