Business

Monitise losses fall as firm secures Bank of China deal

Monitise provides mobile payments technology
Image caption Monitise provides mobile payments technology

Mobile payments firm Monitise has narrowed its losses for the year to £16.9m and doubled revenues to £36.1m.

The firm, which provides mobile payments technology for Visa and most of the UK high street banks, also said it has secured a deal with the Bank of China.

It will help the Hong Kong-based lender to launch mobile payment services.

Monitise expects revenues to double again in 2013 to at least £70m.

Monitise, which lost £17.2m in the previous financial year, has seen its revenues double for the past three years.

Group chief executive Alastair Lukies said the firm's order book, which stood at £110m at the end of June, was "very robust".

"We are focused on delivering profitability earlier than expected," he added.

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