Foundation
Monitise was founded in 2003 by Alastair Lukies and Steven Atkinson, technical architect and head of location services at Vodafone.[7] Securing investment for Monitise proved difficult initially until in 2006, the company became part of Morse Plc.[8] During this period that Monitise built a mobile banking, payments and commerce ecosystem.[9]
In 2006 Monitise announced a joint venture with LINK,[10] provider of the UK's ATM network, to develop mobile banking. In October 2006, HSBC and First Direct launched MONILINK,[11] a mobile banking service developed jointly by Monitise and LINK. It offered customers 24-hour access to banking services via their mobile phone, including mini-statements and balance enquiries.
De-merger with Morse
In June 2007, Monitise demerged from Morse and the company listed on the London Stock Exchange's AIM in June 2007.[8][12] The de-merger raised £21.4 million[13] in shares sold to investors and other institutions.
Monitise was named as one of the UK's top 15 fastest growing technology businesses in Deloitte's 2011, 2012 and 2013 Technology Fast 50.[14]
2007-2012
In September 2007, Monitise launched Monitise Americas, a joint venture with Metavante Corporation, a provider of banking and payments technologies to global financial institutions and businesses. To create a mobile banking and payments ecosystem tailored for the North American market, Monitise Americas engineered its platform in order to “deliver a service that is universal in terms of security, access and navigation regardless of the consumer's choice of financial institution or mobile carrier".[15]
On 30 June 2009, Monitise announced that it had entered into a global alliance agreement with Visa International, a subsidiary of Visa Inc. Monitise would work as a partner for Visa's mobile services. These included mobile payments, money transfer, transaction alerts and marketing offers.[16]
In 2011, Monitise signed a partnership agreement with Visa Europe to develop and supply mobile payments services for Visa Europe's member banks and financial institutions across Europe.
Further expansion in 2011 included the creation of a technology and R&D hub in Cardiff, Wales.[17]
2012-2016
On 26 March 2012, Monitise announced its acquisition of Clairmail, a third-party for mobile banking solutions in the U.S.[18][19] At the time of the acquisition, Monitise and Clairmail had 13 million registered consumers across four continents.[20] Later in 2012, in June and July respectively, Monitise announced partnerships with HSBC[21] and The Co-operative Bank.[22]
In March 2013, Monitise extended its partnership with VISA Europe in a three-year partnership deal. The deal, which enables VISA Europe to license all of Monitise's mobile money technology, covering three product areas: Bank Anywhere, Pay Anyone and Buy Anything.[23] In September 2013 Monitise acquired London-based mobile innovation and design agency Grapple Mobile Ltd, which became known as Monitise Create.
Losses and closure
In 2016, the company reported heavy losses. Shares in Monitise were down 96 per cent over the previous two years. At the start of 2014 its market cap exceeded £1bn, but by May 2016, its market cap had dropped to £66m. An unsuccessful attempt to sell the company's voucher business and management turnover contributed to the decline. [32]
The company was acquired by Fiserv on the 1 September 2017.
