Visa Acquires Mobile Financial Services Company Fundamo For $110M
Thursday, June 9, 2011
Visa this morning announced that it has agreed to acquire Fundamo, a specialist mobile financial services provider to network operators and financial institutions in developing economies, for$110 million in cash.
In a separate announcement, the giant payments technology company said it has entered into a new, long-term commercial agreement with Monitise, a provider of mobile money solutions for financial institutions in more developed regions.
Here’s how the duo of agreements was pitched:
The combination of acquiring Fundamo and expanding the relationship with Monitise will enable Visa to deliver best-in-class mobile financial services and payments capabilities to consumers across the full spectrum of uses, geographies and mobile environments from basic services on simple handsets to more advanced services for smart phone owners.
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.