UK mobile money tech firm Monitise has bagged a seven-year deal with Virgin Money to work on parts of the bank’s digital services, as well as providing its customers with mobile services.
Monitise has already been working with Virgin under an initial agreement signed a year ago. For example, Virgin Money Giving launched apps in March to support fundraisers who want to make donations via their mobile devices. The apps were created with Monitise’s help.
Virgin Money is a fledgling in the UK banking sector. It has just 75 branches and customer lounges, a far smaller footprint than many rivals. But it is eager to grow. A digital and mobile presence is one way to narrow the difference with rivals.
Virgin Money successfully floated on the London Stock Market in November.
According to Alastair Lukies, co-chief executive officer of Monitise: “There are significant opportunities ahead for Virgin Money in the digital space. We’re looking forward to supporting the bank across a number of exciting initiatives in its journey to transform the way consumers can manage their money.”
Last week, Monitise bounced back from the potential loss of Visa as a shareholder by unveiling a £49 million investment from MasterCard, Telefonica and Santander to support the rollout of its global platform. The UK firm also announced a further linkup with IBM following a global alliance agreement with them this summer.
More than 30 million users have registered for Monitise’s patented technology to ‘bank anywhere’, ‘pay anyone’ and ‘buy anything’, accounting for $88 billion of payments, purchases and transfers annually.