Intuit Buys Platform To Bolster Mobile Banking Capabilities

It was announced today, that Intuit Inc. has gained a mobile banking platform for mobile Web.  It has acquired this from Mobile Money Ventures (also called MMV), one of the best global providers of innovative mobile financial solutions.

This act boosts the position of Intuit Financial Services in their role as leading mobile and online technology provider to institutions.  The company will now be capable of directly managing customer support, and also have complete control over its’ mobile Web banking design.  The transaction will help Intuit Inc. provide more new innovations to their customers faster.

Users of Intuit’s current mobile Web technology are clients with over hundreds of U.S. banks and credit unions.  The existing web technology was provided by MMV.  Text message and application solutions for these customers to do their important banking from any mobile phone, is also a great asset they provide.  Mobile tax filing has also been made possible with this.

MMV was formed in 2008, and is based out of San Mateo, CA.  It began as a joint venture combining strengths of Citigroup, one of the top global financial services companies, and SK Telecom Americas, more of an amateur company, if you will.  MMV produced and provided Intuit with a reputable mobile banking solution, that is being made available to more than 400,000 customers.  Their technology optimized for all handset and screen sizes, so that anyone with any mobile device, can use it.  Now, it will be easy for someone to do their taxes, with mobile filing.

Intuit adds on a small team of employees with this acquistion, who have superb mobile expertise as well as significant history of deploying their solutions to financial institutions.  They will continue helping new and current customers on the platform.

Intuit signed this transaction today.   The terms have not been disclosed, as they are not material to their financial results.


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