Fundamental Applications partners with MO, enters fintech space

Fundamental Applications Corp., a Canada-based company that develops innovative smartphone applications targeted toward millennials, has reached an investment agreement in principle with Mo Tecnologias LLC, an innovative nano and micro credit decision engine and issuing platform.

According to the official release, MO has developed a unique credit engine platform, which can reach a credit decision within 20 seconds without requiring the user to provide any additional information, based on user behaviors. MO plans to launch nano and micro loans in Colombia next year, which will be followed by the expansion of its service to additional countries in Latin America, Africa and Asia. 

"I am extremely excited about this partnership with MO Tecnologias as a way to monetize Foro transactions in Latin American markets supported by MO. Fundamental's investment will place Foro as the online store front of this distinctive ecommerce solution around the world”, Fundamental's CEO Brad Moore stated.

Foro is a peer-to-peer mobile ecommerce marketplace. Besides Foro, Fundamental’s leading mobile platforms include Truth, a one-to-one anonymous messaging app previously listed in the top 100 social networking apps in the Apple App Store; and Serum, an app that enables users to post questions to their friends and receive answers anonymously.

The release said that further details of the investment agreement would be revealed once the companies have executed a definitive agreement, which will support the development of a synergy to increase opportunities and a shared economic vision.

"We are delighted that Fundamental has decided to invest in MO. We consider this a strategic investment that opens up some great synergies between the companies, given that the key target users for the MO platform are millennials and Gen Zs, who in the future will have a low cost-credit option to finance purchases in the Foro marketplace and Opinit community”, Paolo Fidanza, MO's founder and CEO said.