<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE AUDITED
AND UNAUDITED FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEAR ENDED DECEMBER
31, 1996 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997, RESPECTIVELY, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   YEAR                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1997
<PERIOD-START>                             JAN-01-1996             JAN-01-1997
<PERIOD-END>                               DEC-31-1996             SEP-30-1997
<CASH>                                         136,926              18,380,715
<SECURITIES>                                         0                       0
<RECEIVABLES>                                        0                       0
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                             1,915,769              24,424,049
<PP&E>                                         271,782               1,292,053
<DEPRECIATION>                                  57,774                 289,131
<TOTAL-ASSETS>                              35,397,744              60,920,118
<CURRENT-LIABILITIES>                        2,773,808                 748,298
<BONDS>                                        271,552                  63,847
<PREFERRED-MANDATORY>                       31,851,473              39,939,247
<PREFERRED>                                          0                       0
<COMMON>                                       112,359                 207,872
<OTHER-SE>                                   (470,811)              18,541,653
<TOTAL-LIABILITY-AND-EQUITY>                35,397,744              60,920,118
<SALES>                                      6,026,452              31,835,291
<TOTAL-REVENUES>                             6,117,556              32,146,592
<CGS>                                                0                       0
<TOTAL-COSTS>                               10,779,966              34,864,662
<OTHER-EXPENSES>                                     0                       0
<LOSS-PROVISION>                               214,404                 835,916
<INTEREST-EXPENSE>                             104,255                 129,358
<INCOME-PRETAX>                            (4,981,069)             (3,683,344)
<INCOME-TAX>                                    78,128                       0
<INCOME-CONTINUING>                        (5,059,197)             (3,683,344)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                               (5,059,197)             (3,683,344)
<EPS-PRIMARY>                                   (1.81)                  (0.36)
<EPS-DILUTED>                                        0                       0
        

</TABLE>