Visa, a global leader in payments, acquires Fundamo, a leading platform provider of mobile financial services for mobile network operators and financial institutions in developing economies.
"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.
"Mobile network operators and financial institutions will now be able to take advantage of Fundamo's trusted mobile financial services platform backed by Visa's high standards for security, reliability and scale," said Hannes van Rensburg, CEO of Fundamo."Mobile network operators and financial institutions will now be able to take advantage of Fundamo's trusted mobile financial services platform backed by Visa's high standards for security, reliability and scale," said Hannes van Rensburg, CEO of Fundamo.
Fundamo is the platform partner of bKash mobile financial service. The 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 now add enhanced functionality and new services to bKash subscribers for safe, reliable and globally accepted payments solutions.
Privately held, Cape Town, South Africa-based 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's deployments currently have a base of more than five million registered subscribers and the potential to reach more than 180 million consumers with mobile financial services.
Reference: http://corporate.visa.com/media-center/press-releases/press1128.jsp
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