According to bank documents, the proposed project is an equity investment of US$5 million into Famoco, a Paris-based tech company that has developed and deployed proprietary hardware and software solutions to address the needs of large-scale mobile money agent networks and merchants in developing markets for the digitization of payment transactions. IFC investment will be part of an investment round of up to US$14 million to fund the international expansion of Famoco in Africa.
Founded in 2010, Famoco has developed and deployed proprietary hardware and software solutions for the digitization of payment transactions. Famoco offers a complete range of dedicated devices, based on a secure Android OS, and connected to a Mobile Device Management platform. It facilitates application deployments and secures data capture for mobile workforce management, mobile payments, urban mobility and identity verification (KYC). To date, the company has deployed more than 200,000 devices in over 30 countries.
Post IFC’s investment, Famoco’s shareholding structure will be as follows: Lionel Baraban (CEO), Nicolas Berbigier (President), ID Invest, IFC, BPI France, AurInvest, Hi-Innov, Orange Digital Ventures, Fast Forward, Employees.
Mr. Lionel Baraban
16, rue des Blancs-Manteaux, 75004 Paris, France
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