MoneyOnMobile Raises $7.6 Million in New Capital Under Completed Series F Fundraise

MoneyOnMobile, Inc. (OTCQB: MOMT), one of India’s largest phone-based payment networks, announced the company completed a $7.6 million fundraise which will provide new capital through the issuance of Series F Preferred Shares.

“We are pleased with the positive response from investors and the speed with which we closed this investment during what is normally a relatively slow time of the year for fundraising. This capital infusion will enable us to continue to execute our business plan and drive growth across our product lines,” says Harold Montgomery CEO and Chairman.

Terms of the Series F investment structure can be found in the 8k filing here:

MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India.