Monitise has taken full ownership of Monilink, the UK’s mobile banking and payments network. It has bought out joint venture partner VocaLink to take ownership of its business operations in its home market, including all future revenues.
Through Monilink, Monitise supplies full mobile banking and payments services to banks representing over 55% of UK current account holders, including HSBC, Lloyds TSB, NatWest, RBS and Alliance & Leicester.
Under the deal, Monitise will pay an initial £1.5m in cash over three years for debt-free, full ownership of Monilink. VocaLink will continue to provide Monilink with full access to its banking and payments infrastructure, in return for services fees. It could also earn up to £1.5m in further consideration, subject to Monilink exceeding financial performance targets, between now and 30 June 2013.
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