Visa Inc. is increasing its stake in the U.K. mobile banking and payments software vendor Monitise PLC.
Monitise said Tuesday it plans to raise $48.6 million through a secondary offering. Visa will pay $10.1 million of that for 32 million shares, boosting its ownership to 14.4% from 12.6%.
Visa also extended to 2015 an existing, five-year partnership with Monitise, and Elizabeth Buse, Visa's international group executive, will join the Monitise board.
Monitise said it expects to report revenue of $9.2 million for the year that ended June 30, up 122% from fiscal 2009; revenue in the second half of fiscal 2010 was $6.6 million, up 169%.
Visa also agreed to raise its annual minimum payment to Monitise. to $16 million from $13 million.