Mobile Money Ventures, a joint venture of Citi and South Korea’s SK Telecom, was set up in 2008 to bring mobile banking services to both domestic and international banks, with Citi national operations a particular focus. Since then, the service has been deployed by 320 banks and credit unions and used by 400,000 account holders. In today’s world of mobile banking that is hardly a home run.
So, the parent companies have sold the JV to Intuit.
CeCe Morken, president, Intuit Financial Services, says: “People and businesses are increasingly using mobile devices to get and manage financial information while on the go – they’re always connected. This acquisition will help us more rapidly bring new solutions to market so financial institutions can deliver important insights and services when and where their customers need them.”
Intuit’s already strong in consumer and small business software, i.e. Turbo Tax and Quick Books. By expanding its mobile capabilities, Intuit’s banking channel should be able to offer useful services to individuals and expand its small business offerings.
