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Monitise Acquires Fellow Mobile Provider Clairmail

The combined companies will serve 13 million customers across four continents.

U.K. mobile money provider Monitise has agreed to acquire U.S. mobile banking vendor Clairmail, the companies announced yesterday. The acquisition is for $173 million, pending shareholder and regulatory approval.

The combined entity will serve 13 million registered consumers across four continents. According to the companies, Clairmail and Monitise process billions of transactions a year and more than $10 billion of payments and transfers on a current weekly annualized basis.

Both companies have aggressively entered the mobile payments space. Monitise recently partnered with Visa to roll out mobile payments services in India.

[For more on Monitise and mobile payments, click here.]

A third of the top 50 North American financial institutions -- including 8 of the top 13 -- are clients of either company, alongside hundreds of smaller and medium sized financial institutions customers.

"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," said Alastair Lukies, Monitise Group CEO, in a statement.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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