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Omidyar Network and
ACCION International announced (http://www.prnewswire.com/news-releases/omidyar-network-and-accion-invest-us-32-million-in-mobile-transactions-international-140871173.html) on Wednesday that they have invested US $3.2 million in Zambian mobile payment startup, Mobile Transactions International (http://www.mtzl.net/).
The investment, which is the first venture capital deal in any Zambian start-up technology company, will enable Mobile Transactions to develop its leadership team, agent network, and technology platform to provide financial access to underserved organizations and base-of-the-pyramid consumers in Zambia and in new markets.
With a proprietary technology and innovative agent network, Mobile Transactions enables financial transactions to the unbanked in Zambia.
The company, co-founded by
Brad Magrath and
Brett Magrath in 2007, also received an additional $1 million of previous debt into equity, thus bringing in the Mennonite Economic Development Association (MEDA) as a third institutional shareholder.
In 2011, Mobile Transactions was named "Best Mobile Money Start-Up in Africa" by Mobile Money Africa (http://mobilemoneyafrica.com/mobile-transactions-scoops-%E2%80%98%E2%80%99best-mobile-start-up-in-africa%E2%80%9D/).
TechLoy