Of Special Interest

Filters

[x] [x]

1st November 2011

Visa Europe and FIS take stake in Monitise

Visa Europe is to acquire an 8.8% stake in Monitise for which it is paying £24.7m (€28.1m $39.8m ¥3,014m Y253.0m). FIS it to acquire a 3.3% stake in Monitise in return for selling to Monitise its 51% stake in Monitise Americas. In both cases the shares acquired are new shares. Peter Ayliffe, President and Chief Executive of Visa Europe, will join the Monitise Board of Directors.


Visa Inc. owns a 14.4% stake in Monitise, not counting the above issues.


Earlier this year it was announced that Visa Europe would offer a P2P service which is to use a Monitise platform.


Monitise Group Chief Executive Alastair Lukies commented:

"Visa Europe's investment in Monitise, coupled with a deepening relationship eight months after our two companies first entered into a partnership, establishes our role as the platform of choice for mobile money services in Europe. We are excited by the opportunities ahead for Monitise and the global mobile money industry as mobiles increasingly become the accepted new way to bank, pay and shop.

"Our evolved relationship with FISensures that Monitise is ideally placed to play a leadership role in the North American mobile money market, which is following similar trends of growth to those we have experienced in the UK over the past 12 months. It has always been our strategy to partner with the world’s leading companies in a way that ensures optimal value for our shareholders."

Monitise Group Chairman Duncan McIntyre added:

". . . As we continue to grow our business, we are delighted to welcome Peter Ayliffe, President and Chief Executive of Visa Europe, to the Monitise Board of Directors. With such an extensive background across the banking and payments industries, Peter’s proven leadership and industry acumen will be a great asset as we increase our global footprint in mobile money.

"Our strategy is to execute on the opportunities before us, creating value for our customers, partners and shareholders alike."