Swiftly growing Austin tech firm Mozido raises $185 million

Oct 23, 2014
Austin American Statesman

Austin-based technology company Mozido has raised $185 million of a planned $400 million round of financing to expand its mobile services worldwide and make acquisitions

The company offers mobile commerce and payment services to the millions of consumers who don’t have established banking relationships

The deal marks the third time this year that an Austin company has received $100 million or more in outside funding. In September, Magnitude Software, which develops business intelligence, data warehousing and other business software, raised $100 million to buy software companies

In March, Surveying and Mapping Inc., a surveying, mapping and geospatial solutions company, raised $122.5 million to accelerate its expansion

Mozido was founded in 2007 and moved its headquarters from Dallas to Austin in 2012. The company has raised a total of $395 million since its founding

Investors in Mozido’s new round of funding included MasterCard, Wellington Management, H.R.H. Sheikh Nahyan of UAE and Julian H. Robertson, Jr., chairman and CEO of Tiger Management

Officials said the investment was the first of a two-part round of funding that could raise as much as $400 million

Mozido offers a cloud-computing-based platform that that enables mobile commerce for consumers in Latin America, the Caribbean and the United States

Mozido provides the system for mobile payments and mobile commerce and lets it partners and customers provide branded services to consumers

Officials said the company plans to expand through acquisitions in China, India, Africa, Europe, Latin America and the Middle East

The market Mozido is targeting is enormous, but it is still in its early stages. Mozido estimates the world has more than 2.5 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

Mozido, which has 250 employees, chose Austin for its headquarters because of the talent pool here in areas including software for cloud computing and mobile payments

Love said Mozido is hiring in software development and business development and expects to add 50 people in Austin over the next year

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