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Mozido acquires majority ownership in CorFire

18 December 2014  |  3700 views  |  0 Source: Mozido

Mozido, a cloud platform mobile payments and retail engagement solutions provider, today announced it has acquired the majority ownership in SK C&C USA dba CorFire, a U.S.-based mobile commerce company previously wholly-owned by South Korean IT services provider SK C&C.

Through the acquisition, Mozido will advance one of the world’s most successful closed-loop mobile wallet apps, Dunkin’ Brands, expand its global market, and gain a reach of two billion users through relationships with six of the top 20 mobile network operators (MNOs) in the world.

“CorFire is a strong global mobile commerce player. By adding its strength in NFC-enabled mobile wallets to Mozido’s extensive mobile financial services and retail marketing capabilities, we can now give merchants around the world access to a powerful mobile ecosystem that adds monetization features to mobile programs,” said Michael Liberty, founder and Chairman of Global Strategic Initiatives at Mozido. “CorFire has built a state-of-the-art technology platform for NFC-enabled payments, and this acquisition, in conjunction with our MoTEAFTM platform, makes Mozido the leader in NFC and cloud-based mobile payments.”

With quick-service restaurants like Dairy Queen and Dunkin’ Brands, nation-wide mobile-wallet solutions, including the CONEC mobile wallet in Jamaica, and telecom customers such as Vodafone, this relationship uniquely positions Mozido as a leader in mobile payments, retail engagement services, and loyalty services.

SK C&C will remain an investor of CorFire. Current CorTSM™, CorMKT™ and CorPay™ customers can expect to see an improved mobile commerce and financial services solution that includes:

Several leading payments technologies now under one mobile payments umbrella, such as NFC and cloud-based payments, which are highly scalable, secure and compliant with regulations.
A combined, more extensive foundation of MNO relationships that extend the reach of Mozido and CorFire’s solutions to billions of merchants and consumers around the world.
Enhanced mobile wallet functionality, including international and domestic remittances, person-to-person payments, mobile bill pay, and international and domestic airtime top up, that adds monetization features to existing mobile offerings.
New mobile loyalty, proximity marketing and engagement services that are white-labeled for retailers, brands, hospitality companies and merchants to allow them to reward loyalty, send targeted, conceptually relevant offers, provide mobile payments options, and stay connected with their customers.

“We firmly believe Mozido’s strong mobile ecosystem of partners and customers will further the CorFire brand and mission,” said Joe Ahn, EVP of corporate development at SK C&C. “As a strategic business partner, SK C&C will actively support Mozido and CorFire, helping to expand their global presence. We believe Mozido has the capital, resources, and talent to significantly appreciate in value.”

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