UK-based mobile financial technology company Monitise has entered an acquisition agreement with US-based mobile banking services provider Clairmail. Monitise is set to acquire Clairmail for USD 173 million.
Under the terms of the acquisition, the combined businesses are set to encompass 13 million registered consumers across four continents and provide mobile money services to a range of financial institutions in the US.
The acquisition enhances Monitise's mobile money reach into North America through Clairmail's direct sales channel and relationships with financial institutions. For Clairmail, the acquisition allows the company to deliver mobile banking technology to new customers across new markets.
The agreement enables new and current customers of both companies to have access to mobile banking, payments and commerce services.
In recent news, Visa and its partner Monitise have launched a suite of mobile services for US financial institutions. The joint Visa – Monitise services enable US FIs to provide their account holders with services including monitoring account history and balances, transferring funds between accounts and receiving transaction alerts on their mobile devices.
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