European financial services provider Visa Europe has acquired an 8.8% stake in UK-based mobile banking firm Monitise for £24.7m (US$40m), according to a stock market filing.
“Visa Europe’s investment in Monitise, coupled with a deepening…
European financial services provider Visa Europe has acquired an 8.8% stake in UK-based mobile banking firm Monitise for £24.7m (US$40m), according to a stock market filing.
“Visa Europe’s investment in Monitise, coupled with a deepening relationship eight months after our two companies first entered into a partnership, establishes our role as the platform of choice for mobile money services in Europe,” said Monitise CEO Alastair Lukies.
Separately, Monitise also announced that it had acquired US tech firm Fidelity National Information Services’ (FIS) 51% stake in their Monitise Americas joint venture for US$15m.
The deal, which valued Monitise Americas at US$29.4m, will also continue the commercial relationship between FIS and Monitise to offer mobile money services to financial institutions.
Commenting on this deal, Lukies said: “Our evolved relationship with FIS ensures that Monitise is ideally placed to play a leadership role in the North American mobile money market, which is following similar trends of growth to those we have experienced in the UK over the past 12 months.”
