Monitise deepens ties with partners to raise £49 million
Lukies: mobile money is becoming smarter
Monitise plans to raise £49.2 million through extensions of its relationships with Santander, Telefónica and MasterCard – giving the trio 8.6% of the UK company’s equity. The money raised will be used to ‘support the development and accelerated roll-out of its global platform capabilities’.
The mobile money services specialist also announced that IBM will deploy its Watson cognitive computing engine in support of Monitise’s new technology platform.
The £49.2 million represents 8.2% of the existing issued ordinary share capital and will involve a new share issue. Following the completion of the issue, Santander will own 5.1% of the enlarged share capital, Telefónica will have 2.0% and MasterCard 1.5%.
In connection with their subscription, Telefónica and Santander will have the right, to jointly nominate one non-executive director.
“The mobile money industry is now a global phenomenon,” said Alastair Lukies, co-chief executive of Monetise. “In developed markets it is fundamentally changing the way we bank, pay and buy. In emerging markets it is the foundation of new economic systems. There are two clear and distinct approaches appearing in this industry: disruptors looking for control and collaborators working together to share in a very big and sustainable opportunity. With our partners, we are delighted to be playing our role as an enabler to the Mobile Money collaborators. Via deepening partnerships, our increasingly connected mobile commerce services can become even smarter and more engaging for the businesses we work with.”
