Financial Technology

Financial Technology

January 08, 2013

Mozido Completes Acquisition of US-Based PagoVision

Mozido, LLC recently acquired PagoVision, a U.S.-based premier merchant network offering check cashing and payment services for the unbanked and underbanked.

In a statement, Greg Corona, CEO and president of Mozido, LLC, said, “The strategic acquisition of PagoVision marks the beginning of Mozido’s deployment of its mobile financial services, commerce and targeted marketing platform in the U.S. PagoVision complements Mozido’s unique expertise in serving the economically disenfranchised and its mission to mobilize all consumers up the financial ecosystem.”

The acquisition will help Mozido, the cloud-based, white label integrated platform of mobile payments, commerce and marketing, to access PagoVision’s merchant network, which includes more than 1,500 independent retailers dedicated to serving the underbanked and unbanked consumers and the immigrant population in the U.S.

Merchants of PagoVision will be able to generate incremental revenue by expanding their product offerings to include Mozido’s full assortment of value-priced financial solutions. They will also be able to increase traffic to their stores and deepen customer relationships by delivering mobile promotions, coupons and loyalty rewards directly to the consumers’ mobile phones.

Officials confirmed that Mitch Dillard, cofounder of PagoVision, will continue to lead the subsidiary’s operation. “As we join forces with Mozido,” he said, “PagoVision will enable our merchants to increase store traffic, acquire new customers, and increase same-store sales, by selling Mozido’s innovative mobile payments and marketing solutions.”

In related TMC (News - Alert) news, Mozido recently announced that David Luther has been appointed as executive vice president, global business development. He will lead business development efforts on a global scale, drive new growth opportunities and oversee Mozido's sales organization.

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Edited by Braden Becker

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