Visa buys South African mobile financial services provider Fundamo.

By bne IntelliNews June 10, 2011
Visa, the world's largest card processing network, said it has acquired Fundamo, a South Africa-based platform provider of mobile financial services for mobile network operators and financial institutions. Visa will pay approximately USD 110mn in cash, the company said in a statement. Fundamo's platform enables the delivery of mobile financial services to unbanked and under-banked consumers around the world - including person-to-person payment, airtime top-up, bill payment and branchless banking services. The combined Visa Fundamo platform will add enhanced functionality and new services to existing mobile financial services subscribers across Africa, Asia and Latin America for safe, reliable and globally accepted payments solutions, the buyer said. Fundamo has more than 50 active mobile financial services deployments across more than 40 countries, including 27 countries in Africa, Asia and the Middle East. Fundamo was privately held by a group of investors in South Africa that include insurer Sanlam, Remgro Limited and HBD Venture Capital.

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