19th Oct 2015 08:01
LONDON (Alliance News) - Digital media company Milestone Group PLC said Monday that its joint venture with Black Cactus Holdings Pty Ltd, Nexstar, has secured an agreement with an unnamed Belgium-based payments company.
Under the deal, Nexstar will add an approved MasterCard pre-paid product to its platform, which expects to be able to offer accounts under in the first quarter of 2016. No financial details on the disclosed were provided.
Milestone said Nexstar is expected to be able to offer virtual accounts during the first quarter of 2016. It said these are an alternative financial service that can help un- or under-banked adults to manage and receive payments.
Milestone added its revenue expectations for the year remain in line.
"We are delighted to announce the white labelling of our Nexstar platform and our entry into the alternative finance market through the issue of an approved pre paid Mastercard product. Milestone, via the Passion Project, is already associated with some significant brands with many millions of natural followers so a white label product offers some exciting revenue opportunities for us," said Milestone Chief Executive Deborah White.
Shares in Milestone were up 11% to 0.388 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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