Monitise expects to double full-year revenues

Monitise expects to double full-year revenues

Mobile banking company Monitise is forecasting full-year revenues of £14m – more than double the £6m it made last year.

Monitise now handles more than 10 million banking transactions per month, including 100,000 account transfers and mobile payments per week with an average monthly value of more than £100m.

The number of registered customers is approaching 4.5 million, according to a trading update from the company, more than double the number from 12 months ago.

The company said it expects minimum contracted revenues at year end of approximately £55m over the next five years. This represents more than four times the level seen a year ago, with significant upside potential further underpinning its plans to break-even in 2013.

Monitise has developed and launched the first banking apps for the iPad with partner RBS/NatWest, along with upgrades and enhanced functionality for their iPhone apps.

The company has also launched the Mobile Money Network (MMN), the joint venture between Monitise, Best Buy Europe and Carphone Warehouse founder Charles Dunstone. Monitise is partnering with MMN to leverage and evolve its bank-grade technology platform and to extend existing bank and payments industry relationships as part of its collaborative network approach.

Monitise chief executive Alastair Lukies said: 'Monitise continues to see very rapid growth across all areas of its business, both in the UK and internationally. The strength of our broadening partnerships and proven service delivery capabilities is a key validation that our strategy is working worldwide across mobile banking, mobile payments and mobile commerce.

'As a trusted partner to financial institutions worldwide, we remain focused on our vision to leverage our global scale, proven credentials and network enabling strengths in the Mobile Money ecosystem. Our growth is being fuelled by exploding demand for globally proven bank-grade services so our clients can help their customers manage their finances via their handsets quickly and securely. The market opportunity is accelerating rapidly and we look forward to the future with confidence.'

Monitise’s full-year results will be published on 1 September 2011.

Written by Mobile Today
Mobile Today

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