Visa Inc. has acquired mobile financial services provider Fundamo for $110 million.
The company has also extended its commercial agreement with the mobile money solutions provider Monitise.
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Visa has said the two deals will enable it to deliver mobile 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 works with mobile network operators and financial institutions in developing economies. Its platform is designed to deliver mobile financial services to unbanked and under-banked consumers. These services include person-to-person payment, airtime top-up, bill payment and branchless banking services.
"Combining Visa’s unparalleled network scale, global reach, extensive product suite and established financial institution relationships with Fundamo’s expertise in delivering mobile financial services in developing economies presents us with an important long-term opportunity to grow our business and drive financial inclusion in key geographic markets," said Joseph W. Saunders, chairman and chief executive officer of Visa Inc. "We are pleased to add Fundamo’s industry leading technology solutions to our portfolio."
The Fundamo management team will continue to manage current and future Fundamo implementations as members of Visa’s mobile product organization.
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By GlobalDataThe new commercial agreement with Monitise, in which Visa is already a major shareholder, will expand the delivery of mobile financial services to banked Visa account holders. It is likely to lead to the development of new electronic payments and mobile banking services to existing Visa account holders outside the U.S.
