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Fundamo enters US

Local mobile banking and transaction solution provider Fundamo has concluded a source code agreement with Nasdaq-listed S1.

As a result, S1 subsidiary S1 Enterprise has a licence to use Fundamo's mobile banking software.

Fundamo CEO Hannes van Rensburg says the deal sees it expand its global footprint.

“Our main focus has been on emerging markets such as Africa, the Middle East and South America, where we see the greatest need and uptake. [However,] the deal is an endorsement of the value which South African companies could bring to the developed market,” he explains.

S1 Enterprise president Jan Kruger says the company intends to use the Fundamo licence to introduce mobile banking services – such as checking balances, transferring funds and viewing recent transactions – to the US market.

“We believe it is essential to deliver a mobile banking solution to our financial institution customers that is fully integrated into our core platform and applications. The growth in mobile phone usage means now is the right time for financial institutions around the world to offer secure mobile banking access to their customers,” he explains.

Aletha Ling, Fundamo's head of business development, says the company is looking to make further moves into developed markets through strategic initiatives such as the transaction with S1.

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