VANCOUVER, British Columbia--(BUSINESS WIRE)--TIO Networks Corp., (TSX-V: TNC) (“TIO”), North America’s leading bill pay technology provider, today announced it ranked on Deloitte’s Technology Fast 500.™ In it’s 15th year, Deloitte’s Technology Fast 500 ranks the fastest-growing technology, media, telecommunications, life sciences, and clean technology companies in North America. TIO attributes much of its 172 percent growth to increased demand for mobile bill pay and alternative financial services by America’s underbanked population.
“Demand for affordable and convenient financial services is growing, particularly amongst America’s rising underbanked population, which has long been overlooked by traditional banks,” said Hamed Shahbazi, Chairman and CEO of TIO Networks. “TIO strives to deliver this, leveraging its technology to create innovative solutions for everyday financial challenges.”
Often dealing with tight budgets, America’s underbanked population doesn’t have the funds to maintain traditional banking fees. However 48 percent of the estimated 68 million underbanked American’s own a smartphone and a growing number are utilizing mobile to make financial transactions. TIO’s mobile payment division recently announced it surpassed $100 million in mobile transactions since launching its payment platform last year.
“The 2012 Technology Fast 500 winners are true leaders who leverage their entrepreneurship and technological innovation to achieve strong growth,” said Richard Lee, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “Their commitment and leadership continue to transform the technology sector.”
TIO Wallet, a cloud-based personal profile system is capable of storing consumer bills, payment methods and history across all channels. The next phase of the TIO Wallet will allow consumers to load cash into the cloud through TIO’s retail network of self-service automated kiosks and over the counter locations. For more information visit: www.tionetworks.com or join the conversation on twitter.com/@tionetworks or facebook.com/tionetworks.
About: TIO Networks
TIO is a cloud-based bill payment processor serving the largest telecom, wireless, cable and utility bill issuers in North America. With more than 55,000 endpoints, TIO symbolizes fast, convenient and secure bill paying. Visit: www.TIOnetworks.com. Join the conversation on www.twitter/tionetworks or like us on http://www.facebook.com/tionetworks.
About Deloitte’s 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies - both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.