Mobile Transactions International receives $3.2 million investment
March 06, 2012
Omidyar Network and ACCION International announced a $3.2 million contribution to Mobile Transactions International, which leverages mobile technology and an agent network to allow mobile payments for easy and safe transactions across the Zambian community.
The company will use funds to develop a leadership team and technology platform that can serve organizations and consumers in Zambia and other emerging markets. Omidyar Network and ACCION International's commitment marks the first venture capital deal in a Zambian start-up technology company.
"We are proud to support entrepreneurs who have demonstrated a tireless commitment to building a model and products from the ground up that can scale across borders and have a pan-African footprint," said Arjuna Costa, director of investments at Omidyar Network.
Mobile Transactions has the potential to transform the way customers and businesses transact in emerging markets by helping to develop a cashless Africa, Costa said.
Omidyar Network is a philanthropic investment firm and ACCION is a private, nonprofit organization dedicated to providing entrepreneurs with the financial tools they need to improve their lives. When similar investors are making large contributions, they could use solutions, such as fund accounting
software, to manage accounts throughout the investment process.