SAN DIEGO Mitek Systems, a provider of mobile banking technology, reported an increase in losses for its fiscal third quarter to $2.1 million, from $2 million last year, amid legal expenses for the company’s litigation with USAA over the patent to mobile deposit capture.
Third quarter revenue rose 22% to $3.9 million, driven by revenue from the company’s Mobile Deposit, Mobile Photo Bill Pay and Mobile Photo Quoting divisions.
Third quarter highlights included the launch by San Diego County CY of the company’s mobile credit card transfer solution; and the awarding of the company’s 15th and 16th patents for Signature Verification/Fraud Detection and Mobile Balance Transfer.
For the first three quarters of the fiscal year Mitek reported a 32% increase in revenue to $10.4 million, but also a 20% increase in losses to $5.8 million.
