Visa Europe has invested 24.7 million pounds in mobile banking and payments tech provider Monitise, strengthening the partnership between the two companies.
Earlier this year, Visa Europe inked a deal with Monitise to provide mobile payment services to its more than 4,000 member banks. That partnership gives Visa Europe a license to Monitise's mobile technology. Monitise is acting as an "advanced development engine" for Visa Europe in the collaboration, according to the company.
Now with this recent investment, Visa Europe owns an 8.8 percent stake in the company. As part of the deal, Visa Europe President and Chief Executive Peter Ayliffe will join Monitise's Board of Directors.