Visa Acquires Mobile Financial Company Fundamo For $110 Million


Visa has acquired mobile financial services provider company Fundamo for $110 million. Fundamo works closely with financial institutions and network operators to provide mobile financial services to developing countries. The acquisition was made entirely in cash.

As a result of the acquisition, Visa now has a long-term commercial agreement with mobile money solutions company Monitise. Fundamo’s platform enables the delivery of mobile financial services to unbanked and under-banked consumers around the world, including person-to-person payments, airtime top-up, bill payment and branchless banking services.

Fundamo is based in Cape Town, South Africa. Fundamo currently has over 5 million registered subscribers. Fundamo CEO Hannes van Rensburg and the executive team will manage the current and future Fundamo implementations. They will become a part of Visa’s mobile product team.

[TechCrunch]

Categories: , , , .

One Response to Visa Acquires Mobile Financial Company Fundamo For $110 Million

  1. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>