Visa acquires Fundamo to offer mobile money to the unbanked

Fundamo, one of the biggest vendors of mobile financial services technology for the unbanked and underbanked has just been acquired by Visa for a reported $110 million dollars. Fundamo operates in over 40 emerging markets, in particular Africa and the Middle East. The company’s main customers are mobile carriers and financial institutions who want to launch services like person-to-person payments including remittances, mobile airtime top-up and bill payment.