Credit card giant extends its grip on mobile money firm
Monitise has forged a new three year deal with Visa Europe that will generate revenues of at least €45 million for the UK mobile money specialist. It will allow the European arm of the world’s largest credit card firm to use Monitise technology in its mobile software at the same time accelerating adoption of mobile payments, it’s claimed.
As part of the agreement, Monitise will also grant Visa Europe a warrant to purchase 43 million ordinary shares in the company at a price of 36.25 pence – representing the closing mid-market price of March 4th 2013.
Plus it will have the opportunity to buy an additional six million ordinary shares at the nominal value of one pence.
Last August , Visa injected £2.1 million in Monitise through the purchase of 7.6 million shares, while its sister company Visa Europe acquired 45.3 million shares – taking its stake to 10.2 percent and making it Monitise’s largest shareholder.