26 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Monitise to raise £32m; extends Visa deal

13 July 2010  |  10697 views  |  0 Fingers on smartphone keypad

UK mobile banking outfit Monitise has outlined plans to raise over £32 million in a share placing and subscription and extended its alliance with Visa.

The firm says it will raise £32.4 million through a fully underwritten placing of £23.6 million at 20.75p a share and subscriptions of £6.6 million by Visa and £2.1 million by First Eastern.

The deal increases Visa's shareholding in the company from 12.6% to 14.4% and is supplemented by a one year extension of the pair's global alliance to 2015. in addition, Elizabeth Buse, group executive, international, for Visa, joins the Monitise board.

Monitise says that with its live operations in the UK and US not needing investment, it will use the new funds to push its Asia Pacific and Indian ventures and expected launches in Africa later this year.

Meanwhile, the company says unaudited revenues for the year ended 30 June are around £6 million, up 120% on 2009.

Duncan McIntyre, chairman, Monitise, says: "The continued investment by Visa and First Eastern and the fully underwritten Placing announced today will enable Monitise to continue our strategy of developing our global franchise and expanding services in target markets as well as realising in full the opportunities created by our commercial and strategic relationship with Visa and our other partners."

Shares in Monitise were up two pence, or 9.5%, to 23 pence per share, in morning trading.
KeywordsFINDEXPEOPLE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Intelligent Environments set to challenge Monitise in UK m-banking

Intelligent Environments set to challenge Monitise in UK m-banking

18 February 2010  |  7405 views  |  0 comments
Monitise targets social networkers with Android app release

Monitise targets social networkers with Android app release

10 February 2010  |  7011 views  |  0 comments
Monitise prepares for growth with new investment and partnerships

Monitise prepares for growth with new investment and partnerships

17 December 2009  |  9782 views  |  0 comments
Monitise sales surge; pledges to double revenues in FY10

Monitise sales surge; pledges to double revenues in FY10

25 August 2009  |  6458 views  |  0 comments
Monitise takes full control of Monilink network

Monitise takes full control of Monilink network

24 August 2009  |  12588 views  |  0 comments
Visa signs $13 million deal and takes minority stake in Monitise

Visa signs $13 million deal and takes minority stake in Monitise

30 June 2009  |  11568 views  |  1 comments
Monitise sets up Indian unit; lines up investors

Monitise sets up Indian unit; lines up investors

13 March 2009  |  11056 views  |  0 comments
Monitise Americas signs 23 to m-banking technology

Monitise Americas signs 23 to m-banking technology

17 November 2008  |  7939 views  |  0 comments
Monitise full year pre-tax loss widens

Monitise full year pre-tax loss widens

21 August 2008  |  6579 views  |  0 comments
Monitise to raise £11.8m

Monitise to raise £11.8m

23 June 2008  |  7238 views  |  0 comments
Monitise targets East African market with JV

Monitise targets East African market with JV

15 May 2008  |  9649 views  |  0 comments
Monitise sees H1 losses widen on product development costs

Monitise sees H1 losses widen on product development costs

08 February 2008  |  5742 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57250 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9178 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8743 views comments | 23 tweets | 37 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7182 views comments | 22 tweets | 15 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7166 views comments | 4 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job