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Mitek Doubles Clients, Plans to Enter Insurance Vertical


Mitek Systems, whose fiscal year ends in September, recently released its year-end earnings and client numbers, along with a hint towards a strategy move. 

Janney Capital’s report details the highlights:

  • Earned $10.3 million in revenue in the 2011 fiscal year. This is double its $5.1 million 2010 revenue.
  • Increased revenue by $1.4 million from Q4 2010 ($1.6 million) to Q4 2011 ($3.0 million)
  • Reported that the number of signed financial institutions sprang from 80 to 161 in the final quarter of 2011. This doubles its customer base, which includes 7 of the top 10 U.S. Banks.
  • Acted on its plan to enter the insurance vertical market by signing Progressive as a customer.
  • Announced that an unnamed, tier 1 bank will introduce Mitek’s Photo Bill Pay product to its customers in the near future

Mitek’s customer base includes:

  • Charles Schwab
         – Experienced 40% mobile deposit adoption in 6 months
  • Progressive
         – This is Mitek’s first step into the insurance vertical world
  • Intuit
         – Launched Mitek’s Mobile Deposit in September 2011
  • Wells Fargo
         – Available only to commercial customers
  • JPMorgan Chase
         – Available to both private and commercial customers.
  • To learn more about Mitek, watch its FinovateFall 2011 demo.