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Visa Rings Up Fundamo for $110 Million

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Jun 9, 2011, 7:11 AM by Eric M. Zeman

Visa today announced that it has purchased a mobile finance company called Fundamo. Fundamo, which is based in South Africa, provides mobile financial services to unbanked and under-banked consumers. Some of its options include person-to-person payments, airtime top-ups, bill payments, and branchless banking services. Visa will use Fundamo's systems to help it deliver banking services where it traditionally doesn't have any reach. The purchase makes clear Visa's commitment to mobilize its banking services. Visa recently announced a mobile payment partnership in the U.S. with Sprint and Google.

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