Fiserv to buy Monitise for £70 mn to enhance digital banking clients

Fiserv imageFiserv, a financial services technology company, is set to acquire Monitise for approximately £70 million – in a cash deal.

The acquisition is expected to accelerate the Fiserv digital strategy and the development of a next-generation digital banking platform for financial institutions worldwide. Lee Cameron is the chief executive officer of Monitise.

Monitise assists financial institutions to design, build, run and deliver digital banking. The Brookfield, Wisconsin-based Fiserv aims to expand its financial technologies that enable financial institutions to meet consumer expectations for financial services.

“Monitise has been a global pioneer and innovator in digital banking for more than a decade,” said Jeffery Yabuki, president and chief executive officer, Fiserv.

Monitise technology includes FINkit, a cloud solution built for financial institutions that want to accelerate the delivery of their digital strategies. It is designed with a micro-services architecture enabling clients to maximize innovation and speed to market.

Fiserv said FINkit is expected to accelerate the integration of existing online and mobile banking capabilities, and user experiences, into a newly enhanced digital platform resulting in improved speed to market of new features, while targeting a lower total cost of ownership.