LONDON (Alliance News) - Payments services company Monitise PLC on Wednesday said it has sealed a joint venture agreement with Spanish bank Banco Santander SA to launch a financial technology venture builder later this year.
The venture will be designed to invest in, build and scale financial technology businesses.
Monitise will be paid a multi-million pound upfront licence fee, with further ongoing revenue then expected to be generated by the venture. Monitise is also expected to grow its client portfolio by providing services to the company the joint venture will back.
Both Monitise and Santander have committed a minimum of GBP10 million of capital to the venture over two years, dependent on the scale and nature of the opportunities identified.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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