Virgin Money has agreed to a 7-year partnership with Monitise to create digital mobile banking services, the companies announced Friday (Dec. 5). This builds on a partnership the two companies announced a year ago, in December 2013.
"We are excited to be extending our quest for smarter, brighter and better banking solutions with a partner that shares our ambition to bring unique, intuitive and valuable service features to our customers," said Virgin CEO Jayne-Anne Gadhia. "Mobile is an important banking channel that will help us maintain our growth momentum, and our partnership with Monitise and its network of partners will support us as we grow."
"The Virgin brand is synonymous with success and ambition across all of the sectors it operates in, and banking is no different," said Alastair Lukies, Co-Chief Executive Officer at Monitise. "There are significant opportunities ahead for Virgin Money in the digital space. We’re looking forward to supporting the bank across a number of exciting initiatives in its journey to transform the way consumers can manage their money."
According to a report in Finextra, Virgin Money recently raised £312 million in an IPO that valued the company at £1.25 billion. "The deal with Virgin provides another boost for Monitise, coming on the back of a £49.2 million investment by Banco Santander, Telefonica and MasterCard," the story noted.