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.