Monitise Bolsters Platform with £49 Million Investment, Expanded Partnerships (Dec. 2, 2014)
U.K.-based mobile money provider Monitise plc is getting a major capital infusion, landing a £49.2 million (US$77 million) investment from the trio of MasterCard, Santander Group and Telefónica—funds the company will use to support the global rollout of its mobile payments platform. All three investors are existing Monitise capital partners and are collaborating with the company on various initiatives, including a recently finalized plan by Telefónica to roll out the Monitise platform in South America next year.
Along with the latest investment, Monitise also announced a new venture with existing partner IBM. Under the initiative, IBM will contribute additional technology resources to Monitise’s platform, including Watson, IBM’s cognitive computing and machine-learning technology.
Monitise overhauled its business model earlier this year, moving from charging licensing fees to financial institution clients in favor of a subscription-based model—a move the company said would reduce upfront costs for clients. Also this year, Monitise acquired Istanbul-based mobile technology company Pozitron Yazilim in a £24 million (then US$32.2 million) deal.
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