Monitise PLC Banco Santander and Monitise joint venture (7682R)
July 01 2015 - 2:00AM
UK Regulatory
TIDMMONI
RNS Number : 7682R
Monitise PLC
01 July 2015
Banco Santander and Monitise to launch a fintech joint
venture
London, UK, July 1: Banco Santander and Monitise (LSE: MONI)
announce a joint venture agreement to launch a fintech venture
builder later this year. The 50:50 joint venture will be aimed at
investing in, building and scaling fintech businesses with the
potential to redefine and support financial services globally.
The joint venture will invest in fintech businesses which will
benefit from the opportunity to become partners with the largest
bank in the euro zone by market capitalisation with a meaningful
presence across Europe and Latin America, and with a world leader
in mobile money (banking, paying and buying) with proven, scalable
technology. This includes access to Monitise's new cloud-based
platform which is designed to connect banks to digital innovation
for their customers. Investee ventures will benefit from
Santander's and Monitise's business know-how as well as access to
Monitise's design and delivery expertise.
In addition to its 50% ownership interest in the joint venture,
Monitise will benefit from a multi-million pound upfront licence
fee with further ongoing revenues expected to be generated by the
initiative. Monitise is also expected to grow its client portfolio
by providing services to the companies the joint venture will
support. Both partners have committed to provide up to a maximum of
GBP10 million of capital each to the joint venture over two years
dependent on the scale and nature of opportunities identified.
The joint venture will be led by Julio Faura, one of Santander's
innovation leaders, and chaired by Monitise founder Alastair
Lukies, and will operate from London.
About Santander
Banco Santander (SAN.MC, STD.N, BNC.LN) is a leading retail and
commercial bank, based in Spain, with a meaningful market share in
10 core countries in Europe and the Americas. Santander is the
largest bank in the euro zone by market capitalization and among
the top 12 banks on a global basis. Founded in 1857, Santander had
EUR 1.43 trillion in managed funds, 12,950 branches and 185,400
employees at the close of 2014. In 2014 Santander made an
attributable profit of EUR 5,816 million, 39% more than the
previous year.
Ovidio Cordero
International Media Relations
Banco Santander
+34 91 2895750 t
+34 615 909026 c
olcordero@gruposantander.com
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money -
banking, paying and buying with a mobile device. Leading banks,
payments companies, retailers and mobile networks use Monitise's
technology platforms, products and services to securely connect
people with their money. Monitise's digital agency designs and
delivers high-engagement apps across multiple industry
verticals
More information is available at www.monitise.com. For views and
insights from the Monitise team about the world of Mobile Money,
visit www.monitise.com/insights.
Enquiries:
Investor Relations
Richard Johnson, Michelle Singleton Tel: +44(0)20 3657 0331
investorrelations@monitise.com
Media Relations
Gavin Haycock, Anna Howard Tel: +44(0)20 3657 0362
press@monitise.com
Canaccord Genuity
(NOMAD)
Simon Bridges, Emma Gabriel Tel: +44(0)20 7523 8000
Brunswick
Jonathan Glass, Jon Drage Tel: +44(0)20 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
END
JVELFFSFRAIIVIE
Monitise (LSE:MONI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Monitise (LSE:MONI)
Historical Stock Chart
From Sep 2023 to Sep 2024