Intuit buys up Mobile Money Ventures to bolster mobile payments

Summary:Intuit is pushing forward on its mobile payments platform with the acquisition of Mobile Money Ventures for its mobile financial services technology.

Intuit is pushing forward on its mobile payments platform with the acquisition of Mobile Money Ventures for its mobile financial services technology.

The Mountain View, Calif.-based Intuit is already known and used widely amongst businesses and financial institutions for money management solutions, and it does already offer text messaging and mobile app features for conducting banking tasks on-the-go.

MMV, based in San Mateo, Calif. and once a joint venture between Citigroup and SK Telecom, brings in its "proven" mobile banking solution that is optimized for "all major" smartphones and screen sizes, reaching over 400,000 consumers already.

Combine that with Intuit financial services’ base that exceeds 1,800 financial institutions along with customers at more than 320 banks and credit unions nationwide, and Intuit has a much stronger foothold in this emerging platform that is gaining popularity faster than the technology can keep up with it. (Just think how many NFC-enabled handhelds there now and how many there could be a year from now.)

Intuit didn't divulge too many details about the merger so far, but execs noted in a statement that they plan to use MMV's resources to deliver new innovations and solutions to financial institution customers faster.

The deal was signed and closed on Monday. Financial terms of the transaction were not disclosed.

Related:

Topics: Banking, Enterprise Software, Mobility

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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