Mergers and acquisitions in the mobile payments and mobile banking space are becoming every bit as popular as the services themselves. And given how fast the industry is growing, more consolidation of services should be expected.
And that’s exactly what we have today. On Monday, Clairmail, Inc., a North American mobile banking and payments provider, confirmed that it will be acquired by it’s U.K.-based competitor Monitise, a technology company delivering mobile banking, payments and commerce networks worldwide.
Monitise will acquire Clairmail for $173 million, pending regulatory and shareholder approvals.
Through the acquisition, Monitise says it will further enhance its position as the global leader in the fast expanding market for mobile money, spanning banking, payments and commerce. Clairmail and Monitise process billions of transactions a year and more than $10 billion of payments and transfers on a current weekly annualized basis.
The combined businesses will provide mobile money services to the “widest possible range of financial institutions” in the US. A third of the top 50 North American financial institutions (including 8 of the top 13) have chosen the companies’ services alongside hundreds of smaller and medium sized financial institutions customers, the competitors-turned partners said today in a press release.
“Clairmail shares Monitise’s customer-centric approach and dedication to bringing the best possible mobile experience and technology through constant innovation and a focus on delivering bank-grade mobile services to their customers,” says Alastair Lukies, Monitise Group CEO. “This deal is transformational for our customers, our team, our shareholders and our company. It is a compelling combination and great news for all those wanting to offer bank-grade mobile money services to billions of consumers, not only in the US but worldwide.”