Mobile Banking: Monitise to Buy Clairmail
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Clairmail for $173 million. The deal is still pending upon regulatory and shareholder approvals. It is expected that the Acquisition will be completed within the next two month.
Both companies provide mobile money services for financial institutions. The acquisition will give Monitise a boost in North America where Clairmail claims 1/3 of the top 50 banks as customers. Combined, Clairmail and Montise provide mobile banking, mobile payments and mobile commerce solutions for 13 million registered users processing billions of transactions worldwide.
Mobile banking and mobile money services are on the rise, Clairmail’s revenues grew by 90% in 2011 to $18 million. The growing market of mobile banking and mobile commerce attracts big payments players such as Visa which took over mobile financial service provider Fundamo for $110 million in cash.