April 30, 2015
Mozido is a cloud platform based mobile payments and retail engagement solutions provider. Mozido’s mobile payments platform includes mobile financial services, loyalty programs, and mobile offers for business and retail. Through its white-label, cloud-based platform MoTEAF, Mozido serves people around the world who choose to manage their money using their mobile phone rather than relying on traditional financial institutions. In recent times, Mozido has been trying constantly to make its cloud platform more powerful and incorporate new capabilities into its solutions and services.
Mozido’s current approach towards acquisitions and investments show how necessary it has become for technology players, in the payments and commerce domain, to grow at a rapid pace and turn their service offerings into market leading solutions. But this requires sufficient funding as well and Mozido has even demonstrated an ability to attract investors.
In October last year, Mozido had announced a two-part round of Series B funding of up to $400 million. The first $185 million had been funded by MasterCard, Wellington Management and Tiger Management. A total of $265 million in capital has been raised by Mozido over the past 12 months from October 2014, making Mozido one of the top-funded private mobile payments companies.
Here are some acquisition and investment oriented initiatives that Mozido has taken in recent months:
Acquisition of PayEase
In February this year, Mozido introduced its products and solutions to China through PayEase. By acquiring PayEase, Mozido gained a cross-border payment gateway that makes mobile payments processing possible for foreign merchants looking to expand business into China. PayEase is one of 22 Chinese-licensed payment processing companies and provides payment services including nationwide in-app mobile payment solutions, nationwide online payment solutions, Internet banking, call centers and mobile point of sale (POS) terminals. PayEase can process 99.99% of debit and credit cards in China via its direct connections with 23 banks and connections to China Union Pay, VISA, MasterCard, and JCB.
Acquisition of CorFire
Mozido had announced in December last year that it is acquiring a majority of CorFire, a mobile commerce company previously wholly owned by South Korean IT services provider SK C&C. Through the acquisition, Mozido advanced one of the world’s most successful closed-loop mobile wallet apps, Dunkin’ Brands, expanded its global market, and gained a reach of two billion users through relationships with six of the top 20 mobile network operators (MNOs) in the world.
Investment in IdentityMind Global
Last month, Mozido invested in IdentityMind Global, a risk management platform for e-commerce and regulatory compliance. As a part of this investment, Mozido and IdentityMind have formed a strategic partnership to expand safe, secure mobile commerce across geographies. Mozido is creating a global footprint of consumer transactions that will benefit from the IdentityMind investment with increased capabilities to combat international payment fraud from the world’s banked and unbanked consumers.
Investment in SimplyTapp
Last month, Mozido made a strategic investment in HCE (host card emulation) technology pioneer SimplyTapp to add more value to its mobile payments platform. The investment gives Mozido access to SimplyTapp’s patented HCE technology platform, enabling cloud-based credentials management capabilities to secure NFC-based mobile payments. Mozido is leveraging SimplyTapp’s open card issuance platform to allow merchants to support NFC for more efficient and secure transactions within the merchants’ branded mobile application environments.