UK mobile payment technology firm Monitise has hired Canaccord Genuity with regards to a possible raising of up to £100m from institutional and strategic investors to foster business growth and development.
Monitise issued a statement today…
UK mobile payment technology firm Monitise has hired Canaccord Genuity with regards to a possible raising of up to £100m from institutional and strategic investors to foster business growth and development.
Monitise issued a statement today confirming media speculation that it is looking at a partially-underwritten fundraising deal.
“Proceeds from the proposed placing would be used to fund new mobile money opportunities for financial institutions and payments companies looking to capitalise on accelerating global demand for mobile banking and payments services and, in particular, mobile commerce capabilities,” the company said.
Group CEO Alastair Lukies said the company, which claims to have more than 18 million registered customers, is experiencing strong demand for its services from a wide variety of companies. He added that it now handles more than US$25bn worth of payments and transfers annually – up from about US$1bn a year ago.
Commenting on the proposed fundraising, he said it would help the company to “rapidly scale our business” and enhance services.
Monitise, whose investors include US-based payments technology firm Visa and Norway’s Norges Bank, said it is on track to achieving group revenue of at least US$100m in FY2013. The company claims to be in talks with “a number” of technology businesses interested in partnerships and collaborations.
The company is also considering applying to move from the AIM to the London Stock Exchange’s main market for listed securities next year.
