UK mobile money platform provider Monitise has announced that its revenues more than doubled for the third year in a row, growing from £15.3 to £36.1 million from 2010/11 to 2011/12. The company reported a group operating loss of £13.7 million, down £1.5 million year on year.
The company expects revenues in 2012/13 to reach $70 million, and said it will now reach EBITDA break even in September 2013 – a quarter ahead of its guidance a year ago.
Monitise says it is now handling 17 million mobile money customers, up from 4.5 million a year ago. The company made a major acquisition of US services provider Clairmail during the year. It says it is processing payments and transfers worth $20 billion, on an annualised basis, double the amount prior to its Clairmail acquisition.
The company also announced that it had signed a memorandum of understanding with the Bank of China to deliver mobile payments services to the bank's customers in Hong Kong.
A statement said that Monitise has also been approached by a number of global technology companies interested in partnering with the Group and reselling Monitise’s platform capabilities.