Virgin Money Partners with Monitise for Mobile Banking, Payments

Published December 05, 2014, 1:12 p.m. EST

Updated December 05, 2014, 12:12 p.m. EST

1 Min Read

Virgin Money has struck a seven-year deal with the British financial tech company Monitise to develop the U.K. bank's mobile products.

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The financial terms of the agreement were not disclosed. The deal will allow Virgin Money to deploy Monitise's mobile product suite, which includes Bank Anywhere, a mobile banking platform; and Pay Anyone, a money transfer app.

"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," said Jayne-Anne Gadhia, Virgin Money's chief executive, in a Dec. 5 press release.

The agreement represents the latest move by Monitise to expand its global footprint. The company is currently working with U.S. Bancorp to develop a shopping app, known as Peri. The company also recently announced its expansion to China, to provide mobile money services for the Bank of China.

Kristin Broughton

Kristin Broughton is a reporter for American Banker, where she writes about the business of national and regional banking.

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