Monitise Confirms Seeking Further Investment Funding
Published on: 29th Nov 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
UK based mobile banking services provider Monitise has confirmed that it is in talks to raise up to £100 million from Canaccord Genuity and other investors.
The company said that it is seeking the funding to "take advantage of significant opportunities represented by mobile banking, payments and commerce."
In a trading update, the company said that its group revenue on track to reach at least $110m in FY2013. Payments and transfers processed by Monitise now over $25bn annually, versus $1bn a year ago.
In addition, more than 18m customers now registered to Monitise Mobile Money services, compared with 5.5m in December 2011.
The group also says that it has a pipeline of more than 100 financial institutions via its partners and direct sales teams looking to adopt mobile banking, payments and commerce applications developed by Monitise.
Further to the recently announced global alliance with information technology business Cognizant, Monitise is also in talks with a number of major technology businesses interested in partnering with Monitise.
Monitise Group Chief Executive Alastair Lukies said: "Our business is seeing enormous demand for Mobile Money services. The breadth of companies interested in working with us has never been greater and the level of consumer engagement with Mobile Money services we have developed is hitting new highs."