Santander has agreed to invest £33m to acquire 5% stake in British mobile money company Monitise.
The Spanish bank, which has more than 100m customers, aims to accelerate the development of its new technology platform through this investment.
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The collaboration includes an accelerated pipeline of opportunities and will leverage Santander’s expertise and scale and Monitise’s technology to build new mobile money capabilities for the former’s global customer base.
Santander group executive chairman Ana Botin said: "With this investment, Santander will become part of a network of trusted partners who will work together to address our customers’ needs whenever, however and wherever they chose to bank with us.
"Clearly a digital offer is key to this strategic vision of our bank, and this investment, coupled with the exciting opportunities we see through the Santander Innoventures Fund to enhance further what we can offer our customers, provides an excellent base from which to build a global digital offering."
Monitise co-CEO Alastair Lukies said: "The Mobile Money industry is now a global phenomenon. In developed markets it is fundamentally changing the way we bank, pay and buy. In emerging markets it is the foundation of new economic systems."
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