Virgin Money has agreed a seven-year partnership with mobile payments software provider Monitise, as the bank seeks to build out its digital capabilities.
The deal will enable Virgin Money to offer its customers a range of mobile services built on Monitise’s product Bank Anywhere, Pay Anyone and Buy Anything products.
The bank will use the Monitise Enterprise Platform, before connecting to the Monitise Central Platform when it launches.
“We are excited to be extending our quest for smarter, brighter and better banking solutions with a partner that shares our ambition to bring unique, intuitive and valuable service features to our customers,” said Jayne-Anne Gadhia, chief executive officer of Virgin Money.
“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.”
It follows a successful few weeks for Monitise, which recently announced a £49.2 million investment from Telefonica, Santander and Mastercard, as it seeks to accelerate global growth plans and upgrade its technology platform.
The company is currently attempting to transform its business as it seeks to become profitable by the end of 2016.
It has seen a number of senior staff additions to boost its capabilities in recent months, but also appeared to be losing one of its strategic investment partners, Visa.
According to TechMarketView analyst Peter Roe, the Virgin deal – and last week’s announcements – are likely to foreshadow more Monitise partnerships next year.
“Monitise is making continued progress,” he said. “We would anticipate a drumbeat of further announcements in 2015 as it builds its partnership ecosystem to achieve scale and moves towards profitability.”