Monitise seeks £100m to ride on tech wave
Thursday 29 November 2012
Fast-growing mobile payments company Monitise plans to tap the London stock market for up to £100 million in fresh funds in its seventh and largest fundraising.
AIM-listed Monitise wants the cash to take advantage of “significant opportunities” as the global banking industry embraces mobile technology such as contactless “wave and pay” by phone.
The fundraising will be an important test of the City’s appetite for tech firms, following speculation that the group could move its listing overseas.
Chief executive Alastair Lukies today allayed those fears by saying Monitise is applying to move its listing from AIM to the London Stock Exchange’s main market next year.
Lukies has admitted previously that “there are other environments that could offer more opportunities” such as New York’s Nasdaq or the Hong Kong Stock Exchange.
The group, in which credit-card firm Visa is a major investor, is processing $25 billion (£15.6 billion) in payments on an annual basis, compared with $1 billion a year ago.
The shares today fell 1.5p, or 4.5%, to 32p, giving Monitise a stock-market value of £368 million.
- 1 Moscow voted the world's unfriendliest city
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 4 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Senior British politicians tell David Cameron: When dead children are being washed up on beaches, it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...