Monitise suffers after Visa Europe plans to cut stake

8th Jul 2015 11:57

Monitise shares were hit by news on Wednesday that Visa, a major shareholder and business partner since 2011, was going to reduce its shareholding in the mobile banking specialist over time.Visa Europe's stake represents 5.3% of Monitise's equity.Monitise, which earlier this year failed in its hunt for a potential buyer and earlier this month lowered its revenue forecast for the full year, said the company will continue to work together on a number of projects and services under the three-year commercial agreement which runs until 31 March 2016.The mobile banking and payments service group said on Monday that it expected revenues for the full-year would be between £88-90m, below previous guidance of £90-100m announced in March.Read more: Monitise lowers revenues forecast for the full yearMonitise fails to find buyer, founder steps down but partners remain supportive