Mozido Inc. has received the first $30 million of a committed $70 million round of financing led by a Boston-based investment advisor with assets under management of over $500 billion.
This funding will allow Mozido to accelerate its growth both organically and through strategic acquisitions. The announcement brings total funding of the company to over $100 million with participation from Brentwood Investments, TomorrowVentures, Atlanticus Corporation and Bob Turner personally of Turner Investments.
In addition, Ric Duques, formerly Chairman & CEO of First Data Corp. until he led its acquisition by Kohlberg Kravis Roberts in 2007 for $29 billion, becomes Mozido’s chairman of the board. “This institutional investment is a significant milestone in Mozido’s growth,” said Duques. “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 with operations in the US, Mexico, Central America, the Caribbean, the Middle East, and Southeast Asia, with expansion into India and Africa coming soon.
“It’s humbling to have someone with such a sterling reputation as Ric Duques become Chairman of the Board,” said Liberty. “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.”