Mobile-banking, payments provider Monitise buys out Monilink venture

Mobile-banking, payments provider Monitise buys out Monilink venture
Tags: Mobile Banking, North America, Public Companies
August 26, 2009

ShareCast reports that mobile-banking and payments company Monitise has taken over its joint venture partner VocaLink, which is based in the United Kingdom, and now possesses full ownership of Monilink.

Monitise is expected to pay VocaLink Â£1.5 million (U.S. $2.4 million) for VocaLink's 50-percent stake in the Monilink venture. The payment is expected to span three years.

Monilink has an estimated net-asset worth of Â£1.2 million (U.S. $1.9 million). Monilink supplies mobile banking and payments services to banks representing more than 55 percent of current U.K. accountholders, including HSBC, Lloyds TSB, NatWest, RBS and Alliance & Leicester.