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In March, Monitise PLC and Visa Europe announced a three-year agreement that will see, among other things, the deployment of Monitise's mobile money technology to financial institutions. The agreement was worth €45 million ($59 million) to Monitise. Completion of the deal was finally completed late last week, Monitise announced.
Along with the monies to Monitise, Visa Europe was granted warrants to purchase 43 million ordinary shares of Monitise for approximately £15 million ($23 million) with an option to purchase an additional 6 million shares.
"Payments is about partnerships and Visa is the industry benchmark for trusted payments innovation globally," said Monitise chief commercial officer Lee Cameron at the time of the initial announcement.
"This agreement underpins our growth expectations and we are honored to be playing our role as a technology enabler and ecosystem partner in helping Visa Europe deliver new solutions that ensure its members can offer the most compelling, intuitive and robust mobile money services."
Read more about money transfer/P2P.