Monitise, the UK mobile banking specialist, has bought its US competitor Clairmail for $173 million. Its a consolidating move that reflects a coming of age in mobile banking.
The combined companies will serve more than 13 million customers, processing $10 billion in weekly payments. Now with one third of the top 50 US financial institutions, Monitise now leverages a larger, more direct presence in the North American market.
“Clairmail shares Monitise’s customer-centric approach and dedication to bringing the best possible mobile experience and technology through constant innovation and a focus on delivering bank-grade mobile services to their customers,” said Alastair Lukies, Monitise Group CEO. “This deal is transformational for our customers, our team, our shareholders and our company. It is a compelling combination and great news for all those wanting to offer bank-grade mobile money services to billions of consumers, not only in the US but worldwide.”
Both companies utilize an “infrastructure” play around mobile banking and mobile payments, providing the backend to enable banks and other financial institutions to offer mobile banking and payment options to their customers.
The move provides Monitise with a much larger global reach, and enables customers wider banking services on an international scale.
Clairmail’s CEO Pete Daffern will continue to head Clairmail under the combined company, as well as sit on the executive board.
“This acquisition validates the vision behind both companies’ strategies in the exploding mobile money market where Monitise has established a clear global leadership position,” Daffern said. “Both companies have incredible synergy and are dedicated to offering bank-grade services that empower consumers to bank, pay and shop across any mobile device. I could not be more proud of the Clairmail team and its accomplishments since founding in 2004, and look forward to working with the seasoned team behind Monitise to continue innovating and pushing the boundaries of mobile banking, payments and commerce worldwide.”