U.K.-based mobile money provider Monitise plc announced the acquisition of Clairmail Inc., a mobile banking provider based in San Rafael, Calif. The deal is worth $173 million and should be completed by the second quarter of 2012. Upon completion of the acquisition, the new company will provide a full range of white label mobile money and banking services to financial institutions.

All told, the two businesses currently provide mobile money services to 13 million consumers through institutions such as the Royal Bank of Scotland Group, PNC Bank, U.S. Bank and Fifth Third Bank. Clairmail alone currently provides mobile banking services to one-third of the 50 largest FIs in North America and eight of the top 13 North American banks. Combined, the technology platforms of Monitise and Clairmail process billions of transactions a year and more than $10 billion in payments and transfers on a current weekly annualized basis, the companies said.

"Monitise has established itself as the world’s number-one platform and ecosystem of choice in the hugely exciting mobile money industry," said Monitise Group's Chief Exectuive Alastair Lukies in a statement. "This transaction further enhances this leadership position and is great news for all those wanting to offer bank-grade mobile money services to billions of consumers worldwide."

Lukies said that combining Monitise with Clairmail will substantially accelerates the company's position as it looks to enter the burgeoning U.S. market for mobile payments.

As a part of the deal, Clairmail CEO Pete Daffern will stay on as head of the Clairmail business and will join the Group Executive Board of Monitise.

This is the second big deal for Monitise this month. Monitise received a substantial investment earlier in March from Visa Europe to secure a 15 percent stake in the company.

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