Visa buys Fundamo

MANILA, Philippines - Visa Inc. has acquired privately-held mobile-payment company Fundamo for about $110 million in cash, a move aimed at capturing a fast-growing base of consumers in emerging markets. Fundamo has deployed its payment solution in more than 40 countries, including 27 countries in Africa and the Middle East, and another 10 globally. Its deployments have a base of more than five million registered subscribers and the potential to reach more than 180 million consumers with mobile financial services. Visa also entered a new, long-term commercial agreement with Monitise plc, a leading provider of mobile money solutions for financial institutions in more developed geographies.