Press Release

• Go back

• View All Content Articles Press Releases Case Studies Events and Highlights
• From All Legatum Sites Legatum Capital Legatum Ventures Legatum Institute Legatum Center at MIT Legatum Foundation
• Keywords None Adoption Africa Aid Alternative Energy Anti-trafficking Asia Banking and Financial Institutions Business Business is Development Capital Allocation Capitalism Children China Civil liberties Climate Change Conflict Conservatism Corruption Democracy Development Disaster Relief Economic Empowerment Economics Economy Education Energy Entrepreneurship Environment Equality Ethics Europe Financial Crisis Food Foreign Policy Free Markets Freedom Gender Geneva Global Governance Government Happiness Health & Medical History Human Liberty Human Rights Humanitarian Assistance Hunger Index India Inequality Investing Iqbal Quadir Iran Japan Korea Latin America Law Legatum Center Life Satisfaction Management Marketing & PR Microfinance Middle East Neglected Tropical Diseases Philanthropy Policy Politics Poverty Private Enterprise Prizes Prosperity Prosperity Index Religion Research Russia Security Social Capital Social Networking Sovereign Technology Telecommunications Terrorism Trade Trafficking UK USA War Women’s Empowerment Youth

Legatum Ventures Sells Its Entire Stake in Financial Information Network and Operations Limited (FINO)

Legatum Ventures, a wholly owned subsidiary of the Legatum Group which invests proprietary capital in private companies that promote prosperity in the developing world, today announced the sale of its entire stake in FINO.  

FINO is a leading provider of technology solutions to financial services companies and government organisations that serve the poor in India. The company’s technology platform enables the delivery of scalable and cost-effective financial services to the unbanked across India. As a result of Legatum Ventures’ investment, made in May 2007, FINO was able to successfully establish itself as an independent entity and to further develop its end-to-end technology platform.

Commenting on the sale, Philip Vassiliou, Managing Director of Legatum, said “Thanks to its innovative approach, FINO has capitalised on Legatum Ventures’ initial investment to achieve a position of market leadership. Although Legatum Ventures is selling its stake as part of the company’s Series B financing round, we wish FINO continued success in its mission to ensure that the poor have access to basic financial services. Legatum Ventures is proud to have supported the beginnings of a great company with the potential to benefit millions of clients across India. FINO truly demonstrates that business is the key driver of scalable and sustainable development.”