Monitise in talks to raise £100m

Monitise in talks to raise £100m

UK mobile money outfit Monitise says it is talking to institutional and strategic investors about raising up to £100 million.

The company - which counts Visa among its shareholders - has called in Canaccord Genuity to help put together a deal, with the money raised used to "take advantage of significant opportunities represented by mobile banking, payments and commerce".

CEO Alastair Lukies says: "The growth potential of mobile mMoney, particularly via mobile commerce, is only just now starting to be realised. Proceeds from our proposed capital raising will be used to rapidly scale our business and enhance our Mobile commerce capabilities."

Meanwhile, having been heavily linked with a switch from London's AIM market to the Nasdaq over the last year, Monitise now says that an application to move to the LSE's main market is "under consideration" for calendar 2013.

In a trading update, the firm boasts that revenue is on track to hit at least $110 million for the year and that it is now processing and transferring over $25 billion annually.

However, despite the growing revenues and contract wins, it is still struggling to get into the black, reporting a full year net loss of £16.4 million in September, compared to £14.5 million for 2011.

Investors seemed less than enthusiastic about today's developments, with shares down 2.88 pence, or 8.5%, to 30.63 pence per share in afternoon trading.

Comments: (1)

A Finextra member
A Finextra member 29 November, 2012, 15:44Be the first to give this comment the thumbs up 0 likes

groundhog day for monetise  - again    

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