Monitise to Develop Mobile Products and Services for Virgin Money (Dec. 9, 2014)
U.K.-based mobile money provider Monitise plc has signed a 7-year agreement with Virgin Money to develop digital banking products and services for Virgin Money customers. U.K.-based Virgin Money, which was valued at approximately $2 billion following its November initial public offering, provides savings accounts, credit cards and investment products, among other banking products. Mobile is an important banking channel that will help Virgin Money maintain its growth momentum, according to the company. Monitise’s Mobile Money network connects businesses in the banking, payments, mobile and other sectors to consumers through its Bank Anywhere, Pay Anyone and Buy Anything product suite.
“There are significant opportunities ahead for Virgin Money in the digital space,” Alastair Lukies, Monitise co-CEO, said in an announcement. “We’re looking forward to supporting the bank across a number of exciting initiatives in its journey to transform the way consumers can manage their money.” The Virgin Money deal comes on the heels of Monitise’s £49.2 million (US$77.2 million) investment from MasterCard, Santander Group and Telefónica, funds the company will use to support the global rollout of its mobile payments platform.
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