UK-based fintech vendor Intelligent Environments is set to take on Monitise after raising £0.75 million through a share placing to fund development of a new mobile banking platform.
IE says its new offering will provide a secure, branded platform, enabling consumer banking customers to see their banking details across all of their accounts from current, saving to credit card as well as a complete summary of account activity which will include money in, money out , pending transactions, available balances as well as overdraft limits.
The vendor is currently recruiting a development team, with a completed mobile banking solution scheduled for launch in April. The lead platform will be the Apple iPhone, followed quickly by support for the Android, Blackberry and Windows mobile platforms.
Mobile revenues will be generated from installation fees as well as from a transaction based fee calculated by the number of registered users.
The new service will pitch IE head-to-head with Monitise, which has a large installed base of customers in the UK and US. In December, Monitise reported two million transactions per month from the 1.3 million registered users of the platform.
Despite this, the vendor continues to lose money. In its interim statement for the half-year earlier this week, Monitise reported widening losses of £6.9 million, up from £6 million in the same period a year ago.