Visa Inc announced yesterday that it’s acquiring Fundamo, a South African company that provides mobile financial services platforms for network operators and financial institutions. It’s paying around $110 million (£68 million) for the business.
It says the combined Visa Fundamo platform will add enhanced functionality and new services to existing mobile financial services subscribers across Africa, Asia and Latin America for safe, reliable and globally accepted payments solutions.
In addition, Visa announced a new, five-year commercial agreement with UK-based mobile money service Monitise plc. Monitise and Visa were already working together; the expanded deal will see new mobile services introduced by Visa in a number of countries.