Credit card giant Visa Europe has become the largest investor in 3i-backed Monitise after agreeing to buy 45 milion shares.

Monitise, a UK-based mobile banking technology and service company, is expected to raise some £24m (€30m) with the issue of 81 million new shares priced at 28.25p each.

Visa Europe has agreed to subscribe for 45 million while Visa International, which operates as a separate company to Visa Europe, has agreed to subscribe for 7.6 million shares. 

After the transaction Visa Inc will hold a 9.4 per cent stake in the company, while Visa Europe will overtake it to become Monitise's largest shareholder with an expected 10.2 per cent stake.    

The private equity firm 3i holds a four per cent interest in Monitise, following its May 2010 investment in the company.