Visa Europe is selling off its stake in Monitise in the latest blow for the struggling mobile payments company.
The shareholding will be gradually reduced over time while the two companies continue to work together throughout the duration of their current commercial agreement. This runs until 31 March 2016.
A statement from Monitise added that the two companies would "assess on an ongoing basis opportunities to work together in future."
Visa has been a shareholder in Monitise since October 2011, currently holding 115,750,000 shares. This represents 5.3 percent of Monitise’s issued share capital, to the value of around £8.3 million.
Monitise has been in a state of decline for a while, with its share price tumbling 90.66 percent since its peak in January 2014. Since Tuesday its price fell 24.42 percent.
Monitise achieved revenues of £88 to £90 million for full-year 2015, according to its recent unaudited trading update.
At the time, CEO Elizabeth Buse admitted the company had faced a "difficult year" but was on the "path to profitability" after taking the "necessary tough decisions."
She added: "Central to our growth plans is our new API-based platform launched in April, we have been delighted with its technical capability and the reception it has received from clients, which gives us confidence for the future."
