20 October 2017
visit www.response.ncr.com

Fiserv to acquire Monitise for £70 million

13 June 2017  |  8957 views  |  2 Financial Graph on screen

Fiserv is offering to buy long-struggling UK mobile banking firm Monitise at 2.9 pence per share, valuing the company at £70 million.

With over 400 employees, Monitise reported annual revenues of £67.6 million for the financial year ending 30 June 2016, but it has yet to turn a profit in its 13-year lifespan.

The business has effectively been on the block for over two years following repeated revenue warnings and widening losses as it struggled to keep pace with the fast-changing mobile banking market.

The Fiserv offer represents a premium of approximately 26.1% to the Closing Price of 2.30 pence per Monitise Share on 12 June 2017. The price is a big comedown from the firm's glory days, which saw it reach a valuation of £2 billion amid soaring expectations in the market for mobile banking.

Lee Cameron, chief executive officer, Monitise, says: "Fiserv is well-positioned to carry this business forward given its strength in digital banking and extensive client network. Following the completion of this transaction, we are confident that Monitise clients will be served well by Fiserv and its long-standing commitment to creating value for its clients."

Comments: (2)

Gerard Hergenroeder
Gerard Hergenroeder - Payments Shark - Millersvile | 13 June, 2017, 13:09

Wow! Monetise was at point the next best shiny thing not too long ago. Expectations change fast in this business.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 13 June, 2017, 17:15

From £2B to £70M, Monitise has gone a long way - downhill, that is. When the bank disruption mantra didn't work out, many fintechs started chanting the bank partnership mantra, which necessarily pits them against traditional suppliers of finserv technology. Now it looks like fintechs may lose that fight as well and get gobbled up by traditional finserv tech providers. Tch tch...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
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

Fiserv names BNY Mellon's Grech CIO

Fiserv names BNY Mellon's Grech CIO

01 November 2016  |  3392 views  |  0 comments | 1 linkedin
Monitise ends plan to sell content biz

Monitise ends plan to sell content biz

01 June 2016  |  5627 views  |  3 comments | 2 tweets
ACI Worldwide sells community banking suite to Fiserv

ACI Worldwide sells community banking suite to Fiserv

21 January 2016  |  5479 views  |  0 comments | 8 tweets | 8 linkedin
Visa, Citi, Nasdaq, Fiserv and Capital One back blockchain startup Chain

Visa, Citi, Nasdaq, Fiserv and Capital One back blockchain startup Chain

10 September 2015  |  14759 views  |  0 comments | 25 tweets | 19 linkedin
Monitise CEO Buse to step down as losses rack up

Monitise CEO Buse to step down as losses rack up

09 September 2015  |  5547 views  |  1 comments | 5 tweets | 3 linkedin
Visa Europe to sell Monitise stake

Visa Europe to sell Monitise stake

08 July 2015  |  6614 views  |  0 comments | 12 tweets | 10 linkedin
Monitise shifts strategy as revenues dip

Monitise shifts strategy as revenues dip

06 July 2015  |  4323 views  |  0 comments | 6 tweets | 4 linkedin
Santander and Monitise form fintech venture

Santander and Monitise form fintech venture

01 July 2015  |  9888 views  |  0 comments | 15 tweets | 14 linkedin
Lukies out as Monitise pulls back from sell off

Lukies out as Monitise pulls back from sell off

25 March 2015  |  5934 views  |  2 comments | 3 tweets | 3 linkedin
Monitise losses widen as suitors circle

Monitise losses widen as suitors circle

17 February 2015  |  4971 views  |  0 comments | 5 tweets | 4 linkedin
Monitise gets £49.2 million boost from Santander, Telefonica and IBM

Monitise gets £49.2 million boost from Santander, Telefonica and IBM

27 November 2014  |  18396 views  |  1 comments | 19 tweets | 19 linkedin
Monitise revenues rise but losses grow

Monitise revenues rise but losses grow

15 September 2014  |  4916 views  |  0 comments | 7 tweets | 3 linkedin
Monitise transfers hundreds of UK employees to IBM

Monitise transfers hundreds of UK employees to IBM

27 August 2014  |  9724 views  |  2 comments | 8 tweets | 4 linkedin
Monitise and IBM expand mobile commerce alliance

Monitise and IBM expand mobile commerce alliance

21 July 2014  |  10132 views  |  1 comments | 16 tweets | 11 linkedin
Monitise slashes revenue outlook

Monitise slashes revenue outlook

08 July 2014  |  5549 views  |  0 comments | 2 tweets | 3 linkedin
MasterCard joins £109m Monitise share-placing

MasterCard joins £109m Monitise share-placing

25 March 2014  |  7886 views  |  0 comments | 5 tweets | 10 linkedin
Fiserv merges ZashPay and Popmoney P2P payments networks

Fiserv merges ZashPay and Popmoney P2P payments networks

29 February 2012  |  8627 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.innotribe.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15973 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
9066 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8212 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7218 views comments | 9 tweets | 17 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
6634 views comments | 18 tweets | 25 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job