AUSTIN, Texas--(BUSINESS WIRE)--Mozido, a global provider of trusted digital commerce and payment solutions, announced it has finalized the acquisition of digital commerce company, CorFire, with Mozido owning 80 percent of the company and parent SK Holdings Co. Ltd. retaining 20 percent ownership. Through this acquisition, Mozido increased its capabilities by incorporating CorFire’s technology platform and blue chip customer base including many of the largest mobile network operators (MNOs) around the world collectively serving more than 1.5B subscribers.
“Mozido’s global team has been working tirelessly to integrate CorFire into Mozido’s MoTEAFTM Digital Transaction Platform, and through these efforts, we have armed clients around the world with a complete, powerful mobile ecosystem,” said Michael Liberty, founder of Mozido. “Bringing CorFire under the global Mozido umbrella has not only diversified our technological offering, but also built on the year’s momentum by expanding our global reach.”
CorFire and Mozido’s combined global digital commerce expertise and financial services have equipped financial institutions, mobile network operators, and retailers all over the world with leading payments technologies, such as NFC, HCE, and QRC cloud-based mobile payments, all from one mobile payments provider. Customers also benefit from a more extensive foundation of worldwide MNO relationships, enhanced mobile wallet functionality, and additional mobile loyalty, proximity marketing and engagement services.
“We’re proud to mark the close of what has been an engaging and productive relationship between two of the fastest-growing and successful mobile payments services companies,” said Charlie Wiggs, head of CorFire within Mozido. “We look forward to driving Mozido and CorFire’s shared mission forward by expanding our innovative and inclusive mobile financial services to clients in established and developing markets around the world.”
“As a Mozido investor, we are excited to watch the continued growth of CorFire’s products and services that will occur as a result of this partnership,” said James Ryu, executive vice president of SK Holdings Co. Ltd.
The news comes on the heels of the company’s recent majority acquisition of Zimbabwe mobile wallet company, NettCash. Mozido is expanding on NettCash’s pre-paid electricity solution by integrating its Digital Transaction Platform services, including mobile bill pay, stored value account, and person-to-person payments, to create the country’s first mobile wallet to include prepaid utility services. The Mozido NettCash service has reached more than 241,000 consumers since its launch in February 2015.
Earlier this year, Mozido announced its expansion to China through the acquisition of leading payment gateway provider PayEase, as well as investments in risk management platform IdentityMind Global and HCE pioneer, SimplyTapp. Mozido is pursuing initiatives in India and the Middle East that will complete the strategy to establish beachheads in key target mobile commerce and payment markets that are compliant with local regulations and powered with Mozido’s Digital Transaction Platform services.
About Mozido
Mozido delivers trusted digital commerce and payment solutions globally. Mozido’s mobile payments and financial inclusion services are delivered as cost-effective cloud-based solutions branded for clients. Highly interoperable, Mozido solutions work with virtually any wireless carrier and mobile device, and integrate easily with ads, offers and other services from third parties. Mozido’s worldwide presence and global offerings include operations in the US, China, India, Africa, UAE, Germany, Mexico, Jamaica, and South Korea enabling people to manage their money, payments, and other services from their mobile phones. For more information, visit us at mozido.com. Follow us on Twitter: @Mozido
About CorFire
From retailers to handset manufacturers to financial institutions to mobile network operators, organizations today need a proven way to extend their brands and enable their customers to use smartphones as a channel for commerce. With its proven industry expertise, CorFire helps all organizations in the mobile ecosystems deliver on the promise of an environment where consumers can live life mobile. Headquartered in Atlanta, Georgia, USA, CorFire offers three core technology solutions: a Trusted Services Manager (TSM) platform (CorTSM), a robust mobile wallet platform (CorPay), and a state-of-the-art suite of mobile marketing services (CorMKT). For more information please visit www.corfire.com.
