Mozido, Inc. has announced that it has received the first USD30m of a committed USD70m round of financing led by a Boston-based investment advisor with assets under management of over USD500bn.
This funding enables Mozido to grow rapidly, the announcement brings total funding of the company to over USD100m.
In addition, Ric Duques, formerly Chairman & CEO of First Data Corporation until he led its acquisition by Kohlberg Kravis Roberts in 2007 for USD29bn, becomes Mozido’s Chairman of the Board. He said: “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.”
Founded by Michael Liberty, Mozido has grown into a global mobile payments company soon to expand in India and Africa. Mr Liberty said: “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 eco-system of hope, opportunity and financial fairness. I have always believed it is possible to do well and do good at the same time.”
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