Financial services firm Visa Europe followed up its partnership with UK-based payment technology company Monitise by investing £24.7m ($39.4m) in funding on Monday, obtaining an 8.8% stake in return.

Monitise and Visa Europe formed a strategic partnership in February to develop and supply mobile payments technology for Visa’s European member banks and financial institutions. The two have since devised the Visa Mobile Person-to-Person payments and Visa Alerts services for customers banking on mobile devices.

The financing follows the £32.4m…

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