Monitise has announced that a new U.K. banking customer, The Co-operative Bank, has signed a three-year deal to offer mobile banking services to its customers. The deal reinforces Monitise’s dominant position in UK banking and supports growth in user-generated revenues.
Monitise has announced that the The Co-operative Bank (the Co-op) has signed up as a new customer in a three-year deal to use its mobile banking solution. The service will be available via smartphone apps (starting with the iPhone) and via SMS, and has already gone live. The Co-op service is available to all Co-op Bank internet banking customers and all Smile customers. Monitise already has relationships with several UK banks covering more than 50% of current accounts, including RBS (including NatWest), HSBC and Lloyds TSB. The addition of the Co-op Bank adds c 1.2 million prospective users.
Although financial terms were not disclosed, we would expect the contract to take a similar shape to previous ones, with initial development and integration fees followed by per-user fees as customers adopt the service. This provides further support to our FY13 38% revenue growth forecast and, in the longer term, to our user-generated revenue forecasts.
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Monitise Inks Deal
Co-op Bank Goes Mobile
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