Mobile payments firm Monitise will receive a £49.2 million investment from Telefonica, Santander and Mastercard, as it seeks to accelerate global growth plans and upgrade its technology platform.
The company is currently attempting to transform its business as it seeks to become profitable by the end of 2016. It has seen a number of senior staff additions to boost its capabilities in recent months, but also appeared to be losing one of its strategic partners, Visa.
The partnerships and investment announced today gives an indication of how Monitise intends to achieve greater scale.
For example, it will continue to expand its relationships with both Telefonica and Santander with plans to build more mobile products and services to serve global markets, having launched an app with the Spanish lender in September.Telefónica and Santander are now expected to jointly nominate a non-executive director to the Monitise board.
It will also be working more closely with MasterCard on development of new digital payments initiatives around remittance and money transfers.
Meanwhile the proceeds of the investment will be targeted at improving the technology underpinning Monitise’s software. This includes the use of IBM’s cognitive computing platform, Watson.
Earlier this year the company announced a major deal with IBM which will see hundreds of staff transferred to the services firm.
“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,” said Monitise co-CEO Alastair Lukies.
“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.”