Mobile money firm Monitise is likely to miss its full-year revenue target for the 2014 financial year, the company admitted, because of a faster than anticipated shift to a subscription-based model which generates lower upfront revenue.

Full-year revenue is expected to be in the region of £95 million to £97 million, a growth of 31 per cent to 33 per cent over the previous year, below its guidance of 40 per cent.

The company’s financial year runs to 30 June.

The company is in the process of shifting its business model from upfront licence-based charging to a subscription model. It is renegotiating contracts with customers on that basis.

It previously warned on a revenue slowdown when it announced its new approach, in the process reducing its growth forecast from 50 per cent to 40 per cent. Now it has slipped again.

Revenue growth in FY2015 is expected to be “at least 25 per cent” and longer term guidance is currently unchanged for 2016 and 2017.

Among its high profile customers is Telefonica. Monitise has supplied the platform for the launch of Yaap, the mobile commerce service run by a joint venture of the operator as well as two Spanish banks.