US mobile payment outfit Mozido has completed the first phase of a $400 million funding round with support from MasterCard as it looks to expand its geographical footprint through a series of strategic acquisitions.
The first $185 million has been funded by MasterCard, Wellington Management, Sheikh Nahyan of UAE, and Julian Robertson, chairman and chief executive officer at Tiger Management. A total of $265 million in capital has been raised by the Austin, Texas-based company over the past 12 months, making it the nation's top-funded private mobile payments company.
“Investing and partnering to innovate and accelerate the adoption of mobile payments and services globally is part of MasterCard’s DNA,” says Gary Flood, president, global products and solutions, MasterCard. “Mozido’s strength in building versatile mobile financial and retail solutions that can be used around the globe and across borders makes them a perfect partner for MasterCard’s prepaid card, payment and security services.”
With nationwide mobile payment and marketing implementations in the Caribbean, Latin America, and the United States, Mozido says it plans to use the funding to expand its global presence through additional acquisitions in China, India, Africa, Europe, Latin America and the Middle East.
The company, which provides cloud-based mobile payment systems and marketing software for merchants, financial institutions and government agencies, has a track-record of success in integrating third party acquisitions, including PagoVision in 2012 and more recently New York-based mobile loyalty outfit StickyStreet.