February 5, 2014
On 3rd February 2014, London based mobile financial provider announced the purchase of Pozitron Yazilim, a Turkey-based mobile technology company. This deal, estimated to be around $100 Mn, enables Monitise to grab a better foothold in the Middle East region.
Monitise was founded in 2003 by Alastair Lukies (CEO). The company was recognised as a ‘Technology Pioneer’ by the World Economic Forum in 2005. Monitise says that have over 600 dedicated people working for Mobile Money Solutions including Adam Levene (SVP), Lee Cameron(COO) and Brian McBride. Monitise has received a total funding of $65.7 Mn through investors First Eastern Investment Group and Visa International Service Association.
'This acquisition of Pozitron further reinforces our leading position as a global technology enabler at the heart of the Mobile Money ecosystem. It comes at a time when we are seeing increasing demand for interoperable Mobile Money services as payments become more digital by the day, not only in Turkey, Europe and the Middle East but also around the world,' said Alastair Lukies, Chief Executive at Monitise.
The services offered by Monitise are:
The acquisition of Pozitron provides Monitise with access to major clients and partners in the Middle East. Almost three dozen major enterprises in the region use Pozitron’s mobile solutions, including eBay, Turkish Airlines, ING, and Hepsiburada.com. Financial service partners include the largest bank in Turkey, Türkiye İş Bankası.
'Fatih and his team has positioned Pozitron as a leader in its field, delivering best-in-class, easy-to-use mobile engineering and user experience and design capabilities for clients in Turkey, the Middle East and beyond,' said Peter Radcliffe. 'Banks, processors, telcos and retailers all need to create secure, interoperable Mobile Money services which defend them against disintermediation, generate new revenue opportunities and enable them to play a wider role in their customers' lives. Monitise and Pozitron have a common vision: to help these businesses navigate their way through the Mobile Money landscape. This deal is an important step in that journey,' he added.
Around 24 Mn customers and 350 financial institutions benefit from Monitise’s ‘Buy Anything’, ‘Pay Anyone’ and ‘Bank Anywhere’ technologies. This accounts for about $50 Bn of purchases, transfers and payments annually according to the company. Monitise acquired ClairMail for a sum of $173 M in March 2012, as part of its global expansion.
In the first week of September 2013, Monitise entered into a partnership with Card Services for Credit Unions (CSCU) to offer its mobile banking solution to CSCU’s suite of products for over 2600 member credit unions.
Monitise had recently teamed up with Future Foundation to survey smartphone users in the UK, Germany and Spain to find out how fears could be removed to drive market growth. According to the survey, 57% of the user’s in UK said that they would be happier to shop through their smartphones if the apps were provided by banks. This figure was 68% in Spain and 50% in Germany. This could mean an explosive growth in mobile commerce if mobile wallet brands teamed up with banks to offer their services.