MICROCAPITAL BRIEF: Mozido Raises $185m from MasterCard, Wellington Management, Individual Funders to Expand Operations

Mozido, a US-based mobile payment and marketing software company, recently raised USD 185 million in capital in the first round of its Series B financing to expand its mobile and payment services in Africa, China, Europe, India, Latin America and the Middle East. The funds were raised from MasterCard, a US-based global payments and technology company; Wellington Management, a US-based private investment management company; and two individuals: HRH Sheikh Nahyan, a family member of the Al Nahyan Royal family of the United Arab Emirates, and Julian H Robertson Jr, former chairman and chief executive officer at US-based hedge fund Tiger Management. Neither the individual amounts nor the stakes acquired by each investor have been revealed.

Customers of Mozido can use their phones to send money to friends or relatives and to make merchant transactions. The Series B financing is the company’s second series of capital financing in two years. Including Series A, Mozido has raised USD 265 million since 2013 and is expected to raise an additional USD 215 million through the second round of Series B.

As of December 2013, MasterCard reported total assets of USD 14.2 billion and 1.2 billion payment cards in circulation. As of 2013, Wellington Management had total assets of USD 11.7 billion.

By Simon Pfanner, Research Associate

About Mozido

Mozido is a US-based provider of mobile payment platforms that was founded by Michael Liberty in 2005. Mozido uses a cloud-based technology called MoTEAF that is PCI security compliant and that functions on most mobile platforms. Customers are able to pay their bills, send money to their friends and family and make merchant transactions using their smartphones or through a Short Message Service (SMS). As of 2013, Mozido had raised USD 265 million through capital investment.

About MasterCard

MasterCard is a global payments and technology company that is headquartered in New York, USA. It connects consumers, financial institutions, merchants, governments and businesses in approximately 210 countries and territories. MasterCard’s products facilitate commercial activities such as shopping, traveling, running a business and managing personal finances. As of December 2013, MasterCard reported total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.

About Wellington Management

Wellington Management is a US-based private investment management company that was established in 1928 by Walter L Morgan, an accountant based in the US city of Philadelphia. It invests in diversified options, including equity, fixed income and alternative investments. As of 2013, Wellington Management had total assets of USD 11.7 billion.

Sources and Additional Resources

[1] Mozido Press Release, Mozido Receives $185 Million in Series B Funding from MasterCard, Wellington Management Company, H.R.H. Sheikh Nahyan bin Mubarak Al Nahyan & Tiger Management

MicroCapital, November 13, 2014, The MasterCard Foundation, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Provide $6.5m to Launch Accion Africa Board Fellowship

MicroCapital, November 9, 2014, MasterCard Commits $25m to Expand UN Capital Development Fund’s Mobile Money for the Poor (MM4P) Program

MicroCapital, October 30, 2014, Togo-based EcoBank to Accept MasterCard Debit, Credit, Prepaid Cards via 2,500 ATMs, 10,000 Points of Sale in 28 African Countries

MicroCapital Universe Profile: Mozido

MicroCapital Universe Profile: MasterCard

MicroCapital Universe Profile: Wellington Management

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

Similar Posts: