Monitise shows strong revenue growth as mobile money flows

 
Oliver Smith
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MOBILE payments firm Monitise reported a doubling of revenue to £72.8m in its full year results yesterday.

“Monitise has delivered another financial year of very strong growth that reflects our standing as a category-leading specialist,” said Monitise chief executive Alastair Lukies.

Monitise now annually accounts for more than $50bn (£32bn) of payments and transfers through its services.

Profits for the group still remain elusive for the fast growing payments provider that made a £51m loss this year.

Additionally Monitise announced this week a partnership with IBM which will allow companies seeking to implement mobile payments through Visa to use Monetise’s technology.

“We believe interest in mobile money is accelerating again. Compared to a year ago, Monitise’s deal flow has broadened considerably by industry, product, geographies (North America, UK, Europe, Asia) and partners,” said Canaccord Genuity analyst Bob Liao.