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
- Industry
- Payments & Fintech
- Location
- Western Cape, South Africa
- Transaction Type
- Buyout
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