Visa Pays $110M For Mobile Prepaid Payments Provider

Law360, New York (June 9, 2011, 12:45 PM EDT) -- Visa Inc. said Thursday it would pay $110 million in cash for South African mobile finance provider Fundamo as part of its push into developing countries.

Cape Town, South Africa-based Fundamo's platform can deliver mobile finance services to consumers unaffiliated with a bank, allowing person-to-person payment, airtime top-up, bill payment, branchless banking and other mobile prepaid payments, according to Visa.

Fundamo has 5 million registered subscribers in 50 active mobile financial services deployments in 40 countries. The privately held company was owned by South African investor...
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