Austin tech firm Mozido lands $30 million for growth

Dec 6, 2013
Austin Business Journal

Austin-based Mozido said it has received the first $30 million of a committed $70 million round of financing to launch its mobile services around the world


The company, which moved its headquarters from Dallas to Austin in January, plans to offer mobile commerce and payment services to the millions of consumers who don’t have established banking relationships


Mozido said the $70 million round of financing was led by a Boston-based investment adviser with more than $500 billion in assets under management. It did not name the firm


Founded in 2007, Mozido aims to become a “white label,” cloud-computing-based enabler of mobile commerce for consumers in Latin America, the Caribbean, the Middle East and Southeast Asia


The market Mozido is targeting is enormous, but still in its infancy. Mozido estimates the world has more than 2 billion cellphone users who don’t have bank accounts. It contends that countries such as Mexico, India and Russia have hundreds of millions of phone users who could be attracted to mobile payments and services


Last month, Mozido announced an investment of an undisclosed amount by businessman Adolfo Salume to implement its mobile payment system in El Salvador. Offerings will include a payment system that lets small merchants make mobile payments to suppliers and banking services for consumers


Mozido chose Austin for its headquarters because the talent base here that is familiar with software for cloud computing and with mobile payments, Love said


The company has 125 employees and is hiring engineers here, Love said


Mozido said the new investment brings the company’s total funding to more than $100 million. Other investors include Brentwood Investments, TomorrowVentures and Atlanticus Corp


The company’s largest private investor is Michael Liberty, a Maine-based real estate developer and entrepreneur who founded the company


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