Mobile money services market is consolidating with Monitise announcing acquisition of Clairmail in an effort to “further enhance its position” in the fast expanding market for mobile money, spanning banking, payments and commerce. The combined entity will encompass 13 million registered consumers across four continents, processing more than $10 billion of payments and transfers on a current weekly annualized basis.
Moreover, the combined businesses will provide services to the widest possible range of financial institutions in the US. For instance, a third of the top 50 North American financial institutions (including 8 of the top 13) have chosen the two companies’ services alongside hundreds of smaller and medium sized financial institutions customers.
Under the deal terms, the suite of Clairmail products will be maintained and enhanced with both companies enriching each other’s mobile offerings. In addition, Pete Daffern will remain in his role as Head of the Clairmail business and will also join the Group Executive Board of Monitise…