Visa Acquires Fundamo and Forges Partnership with Monitise

It seems that with every passing day, Visa takes another step forward deep into mobile territory.

On Thursday, Visa announced that it is acquiring Fundamo, a leading platform provider of mobile financial services for mobile network operators and financial institutions in developing economies.

But that’s not all. Today, Visa also announced a “new, long-term commercial agreement” with Monitise, a provider of mobile money solutions for financial institutions in more developed geographies.

The investments will accelerate the execution of Visa’s global strategy announced last month to provide the next generation of payments solutions, enabling consumers to transact wherever and whenever they choose, using a card, a computer or a mobile device with Visa’s reliability, security and global acceptance.

Visa’s strategic steps – both with the acquisition and strengthened partnership –  are aimed at helping Visa, by its own admission, to deliver best-in-class mobile financial services and payments capabilities to consumers “across the full spectrum of uses, geographies and mobile environments from basic services on simple handsets to more advanced services for smart phone owners.”

“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. “We are pleased to add Fundamo’s industry leading technology solutions to our portfolio.”