Virgin Money inks seven year deal with Monitise

Virgin Money has announced a partnership with mobile payment company Monitise, building on a commercial relationship which first began at the close of 2013.

The agreement which has been inked will run for seven years, and will develop the bank’s future services, and provide Virgin Money with innovative mobile solutions which its customers will benefit from.

Exactly what solutions they might be wasn’t specified at this point, however. Indeed, details are sparse at the moment, but CEOs at both companies did offer up comment.

Jayne-Anne Gadhia, CEO of Virgin Money, said: “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. 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.”

Alastair Lukies, Co-Chief Executive Officer at Monitise, commented: “There are significant opportunities ahead for Virgin Money in the digital space. We’re looking forward to supporting the bank across a number of exciting initiatives in its journey to transform the way consumers can manage their money.”

Monitise recently secured a large slab of investment, £49.2 million, from Santander, Telefonica and MasterCard, and the company is set to record a 25 per cent revenue growth in 2014 compared to the previous year. This Virgin deal certainly won’t do the coffers any harm, either…