The company is currently attempting to transform its business as it seeks to become profitable by the end of 2016.
Following the investment, Monitise will continue to expand its relationships with both Telefonica and Santander with plans to build more mobile products and services to serve global markets, having launched an app with the Spanish lender in September 2014.Telefónica and Santander are now expected to jointly nominate a non-executive director to the Monitise board.
Monitise will also be working more closely with MasterCard on development of new digital payments initiatives around remittance and money transfers.
Meanwhile the proceeds of the investment will be targeted at enhancing the technology underpinning Monitise’s software. This includes the use of IBM’s cognitive computing platform, Watson.
In July 2014, Monitise entered a strategic deal with IBM.
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