Monitise banks top technology award

Mobile banking platform named in Deloitte Technology Fast 50

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  • Steph Welstead

Monitise, the AIM-listed mobile banking platform co-founded by 2007 Young Gun Alastair Lukies, has been named as one of the fastest growing technology companies in the UK.

The company ranked number 12 in this year's Deloitte Technology Fast 50, the renowned awards programme which charts the UK's fastest-growing tech companies based on percentage revenue growth over a five-year period. Monitise secured its place thanks to a growth rate of 2,408% over the past five years.

Lukies and co-founder Steve Atkinson (co-founder and chief architect of Vodafone) were among the first to see the potential of using a mobile phone for banking, payments and commerce, and as “a remote control to your life”. Founded in 2003, Monitise launched with the vision of creating a single interface through which consumers could access their bank accounts and perform simple financial transactions while on the move.

One of the greatest challenges faced by the founders was getting financial institutions and mobile networks, all keen to differentiate and develop their own offerings, to come round to the idea of a single platform that could be used no matter who you bank with (similar to the ATM network) or what mobile network you use.

However, to this end they have been extremely successful. Today, partners of its ‘Mobile Money' offering include NatWest, HSBC, Lloyds Banking Group, First Direct, U.S. Bank, Ulster Bank, Standard Chartered Bank, Travelex, VocaLink, Visa Inc, Visa Europe, Vodafone, Orange, O2, T-Mobile, 3 UK, Research in Motion, Best Buy Europe, The Carphone Warehouse, First Eastern, Astra, JETCO and PCCW mobile.

Monitise, which has expanded globally through joint ventures and licensing deals, now has live services in the UK, the US, India and Africa, and is working with international partners to extend its services to both developed and emerging economies; the company has previously been recognised as a ‘Technology Pioneer' by the World Economic Forum for its efforts to promote financial inclusion in developing nations and extend financial services to the four billion people worldwide without a bank account.

“It is very pleasing to be named one of the UK's fastest growing technology businesses in this year's Deloitte Technology Fast 50,” said Lukies.

“While Monitise's growth ambitions remain as strong as ever, this award is recognition of the growth and success we have achieved in delivering our mobile money technology solutions in the UK and around the world.

“It also reflects the emphasis we place on collaboration and innovation, not only among our staff, who have doubled in number in the past year, but also with our partners as we continue our work in helping financial institutions defend and extend their role via mobile money services.”

Peter O'Donoghue, Deloitte Technology partner for the London Region, said: “Making the Deloitte Technology Fast 50 is a testament to a company's commitment to technology. “With its 2,408% growth rate over five years, Monitise plc has proven that its leadership has the vision and determination to grow in competitive conditions.”

The news comes on the back of a string of major announcements from Monitise this year, including a joint venture with Astra Group to launch its platform in Indonesia, a new five-year global strategic partnership with RBS Technology Services to provide secure mobile apps to RBS customers, and the granting of a key patent for its mobile commerce technology.

Steph Welstead

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