Mobile Banking Consolidation: Monitise Buys Clairmail For $173 Million

Mobile Banking Consolidation: Monitise Buys Clairmail For $173 Million

One more sign of the mobile money space continuing to grow up: some significant consolidation underway. Today, the UK-based mobile banking specialists Monitise announced that it is buying Clairmail, a U.S.-based competitor, for $173 million, as part of its global expansion.
The combined group says it will serve 13 million customers world-wide processing some $10 billion of payments weekly, and will give Monitise a much bigger and direct presence in the North American market: one-third of the top 50 U.S. financial institutions are now clients of the group.
Among the services that Monitise and Clairmail offer to its customers: the backend to let banks and other financial institutions to offer mobile banking, payment and shopping services to its customers.
In truth, as mobile banking and mobile money services continue to mature (and see many new entrants enter the game, from PayPal to Square), it?s inevitable to see consolidation in the space to further the global reach of such services.
And similarly, given the now-global reach of the company, it gives those customers of Monitise access to providing banking services on a much wider international scale. Monitise has existing strategic relationships with Visa Inc. and the FIS. (Visa, of course, has been making some big investments into how it can best leverage the development of mobile money services, from partnerships with operators to acquisitions, such as its purchase of Fundamo last year.)
?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,? commented Alastair Lukies, Monitise Group CEO, in a statement.
 
 
 
 
New and current customers of both companies will benefit from the balanced deployment models of on-premise and hosted mobile banking, payments and commerce products, providing a variety of options in the deployment and customization proce