Intuit buys Citi-SK Telecom mobile money business

Intuit buys Citi-SK Telecom mobile money business

Citi and South Korea's SK Telecom have sold their Mobile Money Ventures (MMV) business to Intuit. Financial terms of the deal were not disclosed.

Citi and SK Telecom set up San Mateo-headquartered MMV in 2008, putting in a reported $8 million each in the 50:50 joint venture to develop an m-banking platform.

Intuit already taps MMV for its mobile banking technology which is used by more than 400,000 customers of around 320 US banks and credit unions.

The company, best known for its TurboTax software, is now bidding to accelerate its mobile business by taking control of the venture and adding its m-payment specialist team to the payroll.

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."

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