UK mobile banking and payment firm Monitise has reported revenues of £14 million in the year to end-June 2011, up from £6 million in the previous year. The company said revenues were “on track to double again” in the current financial year. Losses for 2011 narrowed slightly to £14.5 million compared to a £16.8 million loss in the previous year. Breakeven is due in calendar year 2013, the company said.
Despite its overall loss, the company said its live operations are profitable and growing. Its live operations comprise Monitise UK, Monitise Americas and its global accounts unit (including Visa, Visa Europe and Travelex). The company has seen a substantial increase in live transactions. It is now processing more than 10 million transactions per month. The value of mobile transfer and payments it handles is greater than £160 million per month.
The company also announced that it had appointed Brian McBride, the former managing director of T-Mobile UK, as a non-executive director. Looking at the financial performance, Alastair Lukies (pictured), Monitise’s Group CEO, described it as “a breakthrough year” for the company. “We are a high growth company and a market leader in the mobile money space just as it hits its own tipping point.”