Fiserv has raised its offer by around £5m to £75m for the acquisition of British mobile banking vendor Monitise.

Fiserv said that the improved bid is final and will not be increased unless a third party submits a bid.

In June 2017, the two companies agreed to a consideration of around £70m for the deal, at 2.90 pence per share.

The directors of Monitise have unanimously recommended the improved offer, which values Monitise at 3.1 pence per share, and considers it “fair and reasonable”.

“The Monitise Directors reiterate their belief that the strategic alternatives to a takeover of Monitise are accompanied by significant execution risk and are unlikely to yield superior value to the Acquisition,” Monitise said in a statement.

Fiserv will fund the improved deal consideration using debt funding from bank facilities.

“The Increased and Final Offer represents a substantial premium to the undisturbed share price of Monitise, and Fiserv firmly believes that the Increased and Final Offer constitutes full and fair value for Monitise given the financial outlook for the Group and the structural challenges that the Group faces, the statement said.