Intuit Acquires Mobile Banking Partner

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MOUNTAIN VIEW, Calif. – Intuit on Monday announced it has acquired the mobile banking technology assets from Mobile Money Ventures, or MMV, a joint venture of Citigroup and South Korea Telecom and mobile banking partner of Intuit Financial Services.

Members and customers of more than 320 credit unions and banks actively use Intuit’s existing mobile Web technology, which was provided by MMV.

“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,” said CeCe Morken, president of Intuit Financial Services and a vice president at Intuit.

Intuit said it will be able to directly manage customer support and will have full control over the design of its mobile Web banking solutions. The acquired assets also will help the company bring new innovations to financial institution customers faster.

Mobile Money Ventures, based in San Mateo, Calif., was formed in 2008 as a joint venture of Citigroup and SK Telecom Americas.


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