Mobile Transactions International Raises $4.0M in Funding

Published On March 2, 2012 |

Mobile Transactions International, a Zambia-based mobile technology company, has raised $4.0m in funding. 

Backers include Omidyar Network  and ACCION International, which provided $3.2m in venture capital, and Mennonite Economic Development Associates, which provided $500k in converted debt funding.

The company intends to use the capital to develop its leadership team, agent network, and technology platform. 

Led by Mike Quinn, CEO, Mobile Transactions International leverages mobile technology and an agent network to enable financial transactions across the Zambian economy. Its core products include Money Transfers, Electronic Voucher Payments, and Agent Payments for consumers, non-governmental organizations, government agencies, and commercial enterprises.  

In conjuction with the financing, Arjuna Costa, Director of Investments at Omidyar Network,  and Monica Brand, fund manager for ACCION’s Frontier Investments Group, will join the company’s board.

Frontier Investments, an early stage equity fund that invests in businesses that can enhance financial service delivery to the unbanked, has supported Mobile Transactions prior to this investment with bridge financing as well as strategic support in market expansion. 

FinSMEs

02/03/2012

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