Visa denies that it will shut down Fundamo

Visa has denied reports that it is shutting down the mobile payments firm Fundamo, which it purchased in 2010 for $110 million.

Although various reports have indicated that senior members of Fundamo have left the company to pursue new endeavours, Visa has stated that it is “keeping the Cape Town office open”, adding that South Africa is still “incredibly important for Visa”.

However, the firm will transfer certain parts of Fundamo’s operations to its new technology centre in Bangalore, India. No jobs are believed to be on the line as a result of this.

Financial services specialist Fundamo was founded in 1999, and saw international success before its purchase by Visa. At the time of buying, Fundamo’s operations extended across 40 countries, including 27 in Africa and the Middle East. Its platform is currently in active use in 34 countries.

Despite being fairly prolific, the company has made no major announcements for almost 2 years, with the only noteworthy news in this period being the departure of its founder, Hannes van Rensburg, in late 2014.

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