Mozido Inc gets $30M in financing round led by unnamed investment advisor
Mozido In said it was able to raise USD 30 million in a funding round led by an unnamed investment advisor based in Boston with more than USD 500 billion of assets under management. Other investors who participated in the round were Brentwood Investments, Atlanticus Corp, TomorrowVentures and Bob Turner of Turner Investments. Mozido is an Austin, Texas-based company that provides cloud-based, white-label mobile payment, shopping and marketing solutions platform.
The amount raised was the first of a committed USD 70 million financing round. Proceeds of the funds will be used to speed up its organic growth. It will also be used for strategic acquisitions. The latest amount brings to more than USD 100 million in total funds raised by the company so far.
Mozido also announced that Ric Duques has become the Chairman of Board. Duques was the former Chairman & Chief Executive Officer of First Data Corporation until it was acquired by private equity firm Kohlberg Kravis Roberts in 2007. Duques led that deal which had a price tag of USD 29 billion.
In a statement, Duques said about the latest investment, "This institutional investment is a significant milestone in Mozido's growth. It validates the business model that visionary founder Michael Liberty has created and will accelerate the global success of Mozido's mobile payment services."
Mozido, founded by Michael Liberty, now operates in the US, Mexico, the Caribbean, Central America, Southeast Asia and the Middle East. It is planning to expand into Africa and India soon. Through its platform, Mozido allows retail, financial services, telecommunications and consumer packaged goods companies to serve customers, both the banked and unbanked.
Liberty said about the appointment of Duques and his vision for the company, "It's humbling to have someone with such a sterling reputation as Ric Duques become Chairman of the Board. My vision for Mozido is financial inclusion by delivering disruptively priced financial, payment, and marketing services through the convenience of mobile phones to bring the financially disenfranchised people of the world into an ecosystem of hope, opportunity and financial fairness. I have always believed it is possible to do well and do good at the same time."