Monitise is looking to raise £100 million in fresh funds in its largest fundraising round to date.

The UK-based mobile banking outfit - whose shareholders include Visa - has enlisted the services of Canaccord Genuity to put a deal in place as it aims "to take advantage of significant opportunities represented by mobile banking, payments and commerce." It says that Group revenue is on track to reach at least $110 million in FY2013.

Monitise Group chief executive, Alastair Lukies, says: “Our business is seeing enormous demand for mobile money services. The breadth of companies interested in working with us has never been greater and the level of consumer engagement with mobile money services we have developed is hitting new highs. The value of payments and transfers alone handled by our commercially established technology platform is now surpassing $25 billion on an annualised basis, compared with around $1 billion a year ago.”

He adds: “The core foundations of our integrated mobile banking, payments and commerce capabilities are now aligning at a critical time as mobile transforms how we bank, pay and shop. The growth potential of mobile money, particularly via mobile commerce, is only just now starting to be realised. Proceeds from our proposed capital raising will be used to rapidly scale our business and enhance our mobile commerce capabilities. With new partnerships and collaborations involving our technology platform, we intend to fully execute on the opportunity of creating value for our partners, customers and shareholders alike.”

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