Monitise and Santander Connect to Create £20 Million Fintech Joint Venture

Shares of mobile banking and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term firm, Monitise, are higher today by around 5% after it was announced that the firm is partnering with Spanish bank Santander, in the creation of a fintech joint venture (JV). The JV will be investing in, building and scaling fintech businesses. With contributions of up to £10 million over the next two years by both Monitise and Santander, the two firms will each hold a 50% stake in the venture.

The creation of the JV occurs after Santander had created an internal fund to invest in fintech startups in 2014. As part of that fund, the bank has been active within the European and UK fintech scene, both as sponsors of innovation events and assisting Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term programs. As part of the partnership with Monitise, Julio Faura, one of Santander’s innovation leaders, will be heading the London-based program, also being chaired by Monitise founder Alastair Lukies.

For Monitise, in addition to working with Santander, they will be receiving a multi-million pound upfront license fee as part of their participation. As part of the arrangement, Monitise will also have access to accrue further revenues generated by providing services to companies supported by the JV. The JV expects to attract firms that will be able to benefit through the combination of Santander’s large banking network, as well as Monitise’s services in the mobile finance sector.