1st Jul 2015 07:00
Banco Santander and Monitise to launch a fintech joint venture
London, UK, July 1: Banco Santander and Monitise (LSE: MONI) announce a joint venture agreement to launch a fintech venture builder later this year. The 50:50 joint venture will be aimed at investing in, building and scaling fintech businesses with the potential to redefine and support financial services globally.
The joint venture will invest in fintech businesses which will benefit from the opportunity to become partners with the largest bank in the euro zone by market capitalisation with a meaningful presence across Europe and Latin America, and with a world leader in mobile money (banking, paying and buying) with proven, scalable technology. This includes access to Monitise's new cloud-based platform which is designed to connect banks to digital innovation for their customers. Investee ventures will benefit from Santander's and Monitise's business know-how as well as access to Monitise's design and delivery expertise.
In addition to its 50% ownership interest in the joint venture, Monitise will benefit from a multi-million pound upfront licence fee with further ongoing revenues expected to be generated by the initiative. Monitise is also expected to grow its client portfolio by providing services to the companies the joint venture will support. Both partners have committed to provide up to a maximum of £10 million of capital each to the joint venture over two years dependent on the scale and nature of opportunities identified.
The joint venture will be led by Julio Faura, one of Santander's innovation leaders, and chaired by Monitise founder Alastair Lukies, and will operate from London.
About Santander
Banco Santander (SAN.MC, STD.N, BNC.LN) is a leading retail and commercial bank, based in Spain, with a meaningful market share in 10 core countries in Europe and the Americas. Santander is the largest bank in the euro zone by market capitalization and among the top 12 banks on a global basis. Founded in 1857, Santander had EUR 1.43 trillion in managed funds, 12,950 branches and 185,400 employees at the close of 2014. In 2014 Santander made an attributable profit of EUR 5,816 million, 39% more than the previous year.
Ovidio CorderoInternational Media RelationsBanco Santander+34 91 2895750 t
+34 615 909026 c
About Monitise
Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks use Monitise's technology platforms, products and services to securely connect people with their money. Monitise's digital agency designs and delivers high-engagement apps across multiple industry verticals
More information is available at www.monitise.com. For views and insights from the Monitise team about the world of Mobile Money, visit www.monitise.com/insights.
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