Mobile banking and payments company Monitise has hailed its latest financial results as evidence of a “breakthrough year” for the company.
CEO Alistair Lukies said that the mobile money space has reached “its own tipping point”, as the global demand for mobile banking, payments and commerce takes off. This momentum has driven revenues at Monitise up 133% from £6 million in 2010 to $14 million in 2011, for the year ended 30 June.
The company reported that platform development and integration revenues were up fourfold on 2010 reaching £6 million. User generated revenues accounted for £6.3m, more than more than double the previous year.
The company says it now processes more than 10 million mobile banking transactions a month, with a value exceeding £160 million.
Monitise reported a loss for the year of £14.5 million (2010: £16.8 million), a loss per share of 2.1p (2010: 3.7p). It expects to break even in the calendar year 2013.
Monitise has a strategic agreement with Visa Europe to develop and supply mobile payments services for Visa Europe’s 4,600 member banks and financial institutions across 36 countries. It also has a five-year agreement with RBS Group, announced August 2011, to broaden mobile banking and payments services across all banking divisions