Revenues hit £72.8 million, up from £36.1 million the previous year. Gross margin also increased to 76% from 66% in 2012.

However, the acquisition of Clairmail, Mobile Money Network and eMerit Solutions, along with continued heavy investment in scaling the firm's technology platform saw losses balloon.

Pre-tax losses were £51.1 million, compared to £16.9 million a year earlier. Ebitda losses were £19.3 million, from £10.4 million.

For 2014, Monitise says it expects to see revenue growth of around 50% and plans a move to the London Stock exchange's main market.

Alastair Lukies, CEO, Monitise, says: "Monitise has delivered another financial year of very strong growth that reflects our standing as a category-leading specialist."

Nevertheless, shares were down 10%, or 5.38 pence, to 48.38 pence in mid-morning trading.

Meanwhile, the firm has made another acquisition, this time buying Grapple Mobile, a "mobile innovation and design agency" in an all-share deal worth £16.5 million, with an earn-out consideration of up to £22.9 million payable on targets being hit.

Grapple will form part of Monitise Create, a division focused on "designing and developing world-class digital strategies and user experiences".

In addition, Visa Europe president and chief executive Peter Ayliffe is joining Monitise as non-executive chairman, replacing Duncan McIntyre. Ayliffe who revealed that he was stepping down from his role at Visa Europe last month, has been on the Monitise board since 2011. Visa Europe is an investor in Monitise.

Monitise has also announced a deal with IBM to integrate its platform with Big Blue's Smarter Commerce initiative, and struck a deal with CSCU, the largest electronic payment association in the US exclusively serving credit unions.

Goldman Sachs remarked in a broker note yesterday, "Monitise's product launches and major customer and contract wins in the past 12 months lend significant credibility to its technology platform ..." Goldman added that Monitise "is no longer a concept stock and the market underestimates its potential to become a platform vendor encompassing the mobile banking, payments and mobile commerce segments."