Monitise squeezes home on revenue target

Monitise squeezes home on revenue target

15 SEP 2014

Monitise, the UK mobile money vendor, reported 31 per cent revenue growth in the 2014 financial year but saw its losses widen.

Revenue came in at £95.1 million, with the growth only just within a revised target issued in July.

Monitise originally forecast 40 per cent growth in revenue for 2014 then revised the figure downwards to a 31 per cent to 33 per cent rise (equivalent to revenue of £95 million-£97 million).

It blamed the shift to a subscription-based charging model for the slower-than-anticipated growth.

Its pre-tax loss widened to £63.4 million from £51.5 million in 2013.

The company’s financial year runs to 30 June.

Monitise also announced a strategic partnership with Spain’s Santander to develop mobile banking services.

Meanwhile the firm unveiled a global alliance with IBM back in July and now seems to be deepening that relationship by announcing it can host services in a new IBM facility in the US.


Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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