Visa Acquires Fundamo to Expand Mobile Financial Services

June 9, 2011

Visa Inc. acquired Fundamo, a Cape Town–based mobile financial services platform provider, for approximately $110 million in cash. The acquisition adds Fundamo’s mobile money technology and deployments across Africa, Asia and Latin America to Visa’s portfolio to accelerate delivery of mobile payments and branchless banking to under-banked consumers and to expand Visa’s mobile capabilities globally.

Buyers
Visa Inc.
Targets
Fundamo
Sellers
Sanlam, Remgro Limited, HBD Venture Capital
Location
Western Cape, South Africa
Transaction Type
Buyout

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