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August 27, 2007
South African Mobile Banking Fundamo Funded For Growth
South Africa’s Fundamo raised €3.7M (R36M) from HBD Venture Capital last month. (We are still getting caught up on the news from over our summer break). It will use the capital to expand into Africa, the Middle East, Asia Pacific regions and the USA.
It has Gemalto as a reseller, as well as recently announced agreements with integrators in Bahrain, the Far East, and Brazil.
HBD is an investment vehicle that belongs to tech entrepreneur Mark Shuttleworth who sold his startup to Thawte to Verisign for $575M during the last venture cycle, a deal that rocketed him into space (read his blog bio for more on that) .
Shuttleworth typically invests in early stage but he said that this one satisfies other criteria like having a 'passionate' entrepreneur at its centre.
The a:c euro notes that Shuttleworth has seed funded several startups and he is currently running Canonical, the company that is offering services related to the open source Unbuntu (linux) project.
The mobile banking and payment solutions company, which has filed patent papers for some of its tech, is almost ten years old and is profitable, according to local press reports. MyDigitalLife says that the value proposition for Fundamo in developing markets, is it enables more people to have remote banking and payment services. In developed markets, convenience is the pitch.
Early backers are Venfin and Sanlam, who also joined this round.
Read - Mobile banking for the masses (mydigitallife)
Read - Fudnamo funded (itweb.co.za)
Read - Shuttleworth’s VC company backs Fundamo for further growtht (Fundamo)
Posted on August 27, 2007 08:22 AM | Posted to Wireless | Permalink
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