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Wednesday, August 26, 2009

Monitise takes over Monilink mobile banking service

Monitise plc has bought out its joint venture partner VocaLink to take 100% ownership of Monilink Ltd. Monilink supplies mobile banking and payments services to over 55% of UK current account holders by working with HSBC, Lloyds TSB, NatWest, RBS and Alliance & Leicester. It’s on target to reach a total of one million subscribers by the end of 2009.

Under the deal, Monitise will pay £1.5 million in cash over three years. VocaLink will continue to be used by Monilink for its banking and payments infrastructure. Monilink will now brand itself as Mobile Money, a brand that’s used by other Monitise companies. [Press release]

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