Mobile payments platform Monitise has reported pre-tax losses of $79.8m despite a doubling in revenue.
The payments outfit – which serves around 350 financial institutions worldwide – saw revenue grow to $113.7m from $56.3m the previous year.
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Gross margin increased to 76% from 66% in 2012, which Monitise put down to a number of product license deals.
Monitise acquired smartphone and tablet payments provider Grapple Mobile in the previous year, which is set to become part of Monitise Create.
Monitise also announced a partnership with IBM in September 2013, which will extend its Mobile Money platform across both company networks including Visa Europe member banks.
Company highlights in the past 12 months include partnerships with Telefónica Digital, Visa Europe, BBM Money, an mPOS partnership with Lloyds Bank Commercial Banking and the launch of prepaid network Blackhawk.
Monitise CEO Alastair Lukies described the year as one of ‘very strong growth’ for the company. "By creating, developing, deploying and running ‘bank’, ‘pay’ and ‘buy’ solutions for our partners and clients around the world, we are playing our role in societies’ ever-quickening shift to Mobile Money, globally," he said.
"We have made a positive start to our new year. We have a strong sales pipeline and broadening strategic partnerships allowing us to target revenue growth of approximately 50% in FY 2014," Lukies added.
Duncan McIntrye, Monitise Chariman, commented: "As a Group, we remain on track with our growth strategy.
"We believe we are perfectly placed with our strong balance sheet and proven platform technology to further expand our market reach as we enable our customers’ ongoing expansion into Mobile Money," McIntyre said.
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