Mozido Completes CorFire Acquisition

Mozido now has an 80 percent stake in digital commerce company CorFire with the completion of the final phase of its acquisition.

The acquisition incorporates CorFire’s mobile commerce platform and other products into Mozido’s technological offerings. It also strengthens Mozido’s base of mobile network operators (MNO) to boast a collective global subscriber base of 1.5 billion.

The merger puts Mozido in a position to provide a diverse suite of products that can support MNOs, financial institutions and companies offering mobile wallet and loyalty solutions with a range of payment processing capabilities, such as QR code-based payment solutions, NFC, host card emulation (HCE) and beacon-powered targeted marketing.

“These capabilities are essential in enabling consumer adoption of mobile payments around the world. With CorFire added to Mozido’s recent worldwide partnership with MasterCard we believe that we’re extremely well positioned to emerge as the global leader in mobile commerce,” said Mozido CEO Michael Liberty in a 2014 interview with MPD CEO Karen Webster.

The acquisition of CorFire, which is a major IT service provider in South Korea with a $100 billion+ revenue, Liberty explained, is strategic in expanding Mozido’s global outreach and diversifying its technological offerings.

CorFire’s product CorPay is a brandable, white-label mobile platform, which offers NFC enabled mobile wallet.

“CorFire has allowed us to take the payments, commerce and banking capabilities built into our ecosystem today and make them ubiquitous,” Liberty said. “We can start at the lowest end of the spectrum, literally, in Africa, Latin America, India or the Middle East and migrate all the way across the spectrum to the full media experience via a smartphone.”

The Austin, Texas-based company also recently acquired NettCash, a Zimbabwe-based mobile wallet service provider, whose product is now being expanded to offer a prepaid electricity solution by integrating Mozido’s digital transaction platform services that adds mobile bill payment, P2P money transfer and other prepaid utility services to the model. Since its launch in February 2015, the service is now being used by over 241,000 consumers in Zimbabwe.

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