Davis Janowski at Investment News talks about Lab49, a new company that is developing financial services software for the iPhone. The company seems to be in direct competition with Pyxis Mobile, who is also delivering financial data to mobile devices.

Lab49 isn’t targeting the individual investor, opting to target hedge funds initially.

From the article:

“[We think] fund managers, trade operations, groups and institutions that are a little less hamstrung by deployments of enterprise wide applications and issues … will gravitate to the application and the iPhone’s abilities,” Mr. Jacobs said.

“I also see demand from clearing and custodian companies which do a lot of processing and need better ways to manage work flow remotely, and are looking to monitor the status and performance of their systems,” he said.

It’s fun watching a new financial software market being created. I’m not too sure I can picture my hedge fund manager making trades from his cell phone, but it will be interesting seeing whether either of these companies get any serious penetration.