19 October 2015
Milestone, the AIM quoted (AIM: MSG) provider of digital media and technology solutions, is pleased to announce that following on from the launch of the Nexstar digital rewards platform, the Company’s Joint Venture (“JV”) has expanded the offering to enter the pre-paid card marketplace with an approved Mastercard product under the JV agreement with Black Cactus Pty Ltd, via a specialist payment provider based in Belgium.
It is anticipated that the JV will be in a position to offer virtual accounts during Q1 2016, which is an alternative financial service that can help un- or under-banked adults to manage and receive payments.
The pre-paid card and virtual account market is an expanding area of alternative finance and widens the potential market for the Nexstar platform, offering the Company attractive commercial opportunities across both open and closed loop payment systems.
As part of the Company’s development strategy, it is the intention to offer the platform as a white label solution to the Sports, Corporate and Charitable marketplace, including those already engaged via the Passion Project initiative, commencing imminently with revenues expected from Q1 2016. Negotiations are advanced with a number of parties and further announcements are anticipated in the near future.
Since the signing of the agreement with Procurement earlier this month the site has continued to evolve and now includes TV, travel and ticketing already being added to the product mix with the pre-Christmas marketing campaign commencing in short order.
Revenue expectations are in line with those announced in previous announcements.
Deborah White, CEO, commented:
“We are delighted to announce the white labelling of our Nexstar platform and our entry into the alternative finance market through the issue of an approved pre paid Mastercard product. Milestone, via the Passion Project, is already associated with some significant brands with many millions of natural followers so a white label product offers some exciting revenue opportunities for us.”
Catenae Innovation Plc
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray/Jo Turner
Tel: 020 7213 0880
Cornhill Capital, Broker
Tel: 020 3700 2500