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MeaWallet signs contract with major Nordic bank

MeaWallet signs contract with major Nordic bank

MeaWallet A/S (‘MeaWallet’), part of Invuo Technologies AB, has signed an agreement with a major bank in the Nordic region for delivery of MeaWallet’s technology for converged wallet, i.e. mobile contactless payments to Nordic countries.

The solutions of Mea Token Platform configured for MDES as well as Mea Masterpass will be delivered as a managed service, integrating MeaWallet´s platform with the bank´s mobile banking application. Mea Token Platform will enable the bank´s clients to perform digital contactless card payments (tap & pay) through the bank´s existing mobile banking application, while Mea Masterpass will enable secure and user-friendly online and web-to-app payments at any merchant that accepts Masterpass checkout. The order value of the contract is around Eur700,000 over a three-year period.

“We are happy to see continuous growth in this exciting market and especially happy to be able to work with such a progressive bank. While we will now be running seven simultaneous MDES projects, MeaWallet sees this as an exciting opportunity to prove that we can deliver the promised high-quality in agreed time,” said Lars Sandtorv, Head of MeaWallet. “This will be the most northern project we’ve delivered and we can now proudly state that we are delivering our products to all corners of Europe.”

CEO of Invuo Technologies, John Longhurst, commented: “Over just the past three months, MeaWallet has signed profitable orders with a value of Sek29.5m. The market capitalisation of Invuo shares is Sek81m (closing price 13/2/18, Sek0.990). Invuo has realisable financial assets with present value of Sek55m. The market for MeaWallet is accelerating. Our stated goal is for MeaWallet to sign a minimum of 20 orders over the course of 2018. In doing so, we aim to meet the financials goals laid out for Invuo Technologies this year, as disclosed in recent public statements. As further orders are signed, we hope investors begin to share the confidence we have for the period ahead.”

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