Fiserv increased its offer for troubled mobile payments company Monitise to £75 million in a bid to win shareholder backing for the deal.

Its previous offer of £70 million was criticised by some shareholders as being too low, despite Monitise’s board imploring them to take the deal.

A general meeting to vote on the offer, scheduled for late July, was postponed to allow shareholders more time to consider the offer prior to Fiserv’s improved bid.

In a statement, Fiserv told Monitise investors the new offer was final and represented a “substantial premium” on the share price at the time of its initial approach.

The company also highlighted since its first offer, Monitise’s cash balance had continued to decline with all business units declaring a year-on-year loss in its latest trading update – for the three months to end-June.

Fiserv added no rival bidders had emerged since its offer on 13 June.

In a note to shareholders, the Monitise board reiterated its support for the deal as: “the strategic alternatives to a takeover of Monitise are accompanied by significant execution risk and are unlikely to yield superior value to the acquisition.”