Mitek Systems Gets New Venture Funding

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SAN DIEGO – Mitek Systems, developer of popular mobile banking and deposit technology, said yesterday it received a $15 million investment from two venture capital firms.

The investment was made by San Francisco’s Weintraub Capital Management and Philadelphia Financial in exchange for the private placement of 2.9 million shares at $5.25 each.

Mitek, which trades its shares over the counter, said it will use the new funds for working capital and hope the investment qualifies it for listing on the Nasdaq.

Separately, Mitek reported it capitalized on the roll out of its mobile remote deposit capture solution, which produced an 85% surge in sales for its fiscal second quarter to $2.9 million. Net income for the second quarter was $570,000, up from just $7,000 for the same period last year. Mitek said 40 credit unions and banks have contracted for its mobile deposit solution.

For the first six months of its fiscal year Mitek reported a 59% rise in revenues, to $4.4 million, and a loss of $213,000.


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