26 July 2017
visit www.avoka.com

Monitise to raise £32m; extends Visa deal

13 July 2010  |  10859 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  |  7483 views  |  0 comments
Monitise targets social networkers with Android app release

Monitise targets social networkers with Android app release

10 February 2010  |  7105 views  |  0 comments
Monitise prepares for growth with new investment and partnerships

Monitise prepares for growth with new investment and partnerships

17 December 2009  |  9921 views  |  0 comments
Monitise sales surge; pledges to double revenues in FY10

Monitise sales surge; pledges to double revenues in FY10

25 August 2009  |  6577 views  |  0 comments
Monitise takes full control of Monilink network

Monitise takes full control of Monilink network

24 August 2009  |  12813 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  |  11682 views  |  1 comments
Monitise sets up Indian unit; lines up investors

Monitise sets up Indian unit; lines up investors

13 March 2009  |  11452 views  |  0 comments
Monitise Americas signs 23 to m-banking technology

Monitise Americas signs 23 to m-banking technology

17 November 2008  |  8033 views  |  0 comments
Monitise full year pre-tax loss widens

Monitise full year pre-tax loss widens

21 August 2008  |  6682 views  |  0 comments
Monitise to raise £11.8m

Monitise to raise £11.8m

23 June 2008  |  7347 views  |  0 comments
Monitise targets East African market with JV

Monitise targets East African market with JV

15 May 2008  |  9764 views  |  0 comments
Monitise sees H1 losses widen on product development costs

Monitise sees H1 losses widen on product development costs

08 February 2008  |  5874 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comvisit www.finastra.comvisit www.abe-eba.eu

Top topics

Most viewed Most shared
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
10217 views comments | 7 tweets | 6 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
9798 views comments | 10 tweets | 6 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
9620 views comments | 25 tweets | 16 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
9173 views comments | 28 tweets | 27 linkedin
Yet more deals announced in payments sectorYet more deals announced in payments secto...
9134 views comments | 7 tweets | 21 linkedin