Monitise, once a UK fintech stock with a valuation topping £1bn, has been sold for just £70m, after failing to find buyers for its latest fintech software. The offer is far below the 80p level at which Monitise traded in 2014, when it appeared to be on the cusp of becoming a major player in mobile payments technology.
The company founded by former professional rugby player Alastair Lukies spent hundreds of millions of pounds building its technology, but failed to turn a meaningful profit. It reported a pre-tax loss of £243m in the year to June 2016, an increase on the £227m it lost the year before. Monitise celebrates its tenth anniversary as a listed company this month. Lee Cameron, who has been with the business since its inception and is currently chief executive, said he had “mixed emotions” about the sale, given the company’s initial success. He argued that the “world caught up” with Monitise, which was viewed as a “grandfather” in the fintech sector competing against well-funded start-ups with exciting products.