The UK-based company saw sales rise by 80 per cent to $4.4million in the year to the end of June, up from $2.4 million in the same period in 2007-08.
It said that rising demand for its Mobile Money services - which enable users to move currency between accounts and pay bills while away from a computer - has prompted the strong performance.
According to Dow Jones Newswires, Monitise counts Royal Bank of Scotland and HSBC among its clients and it recently signed a new five-year alliance deal with Visa, which will see it develop a number of mobile payment services for the firm.
The company stated that it expects to sign up more banks and financial institutions as partners by the end of the year.
Monitise recently launched a Mobile Money application on Apple's App Store that can be used by iPhone and iPod Touch owners.
Written by Claire Archer