Cuscal and Moroku, a Sydney-based developer of mobile banking and payments software, have agreed terms which see Cuscal take a circa 11% stake in Moroku and a seat on its Board. Cuscal’s investment is part of a broader capital raising by Moroku.
Moroku was founded in 2012 by Colin Weir and Dave Durbin. Its main business is creating immersive digital experiences to help banks connect better with customers, so increasing their competitiveness and ability to acquire more customers. In the financial services area Moroku has already developed two innovative products:
- Game System - a platform for next generation financial services applications that employs motivational theory and gamification to build financial literacy
- Marrakash - a cloud-based POS and business platform that supports multiple payment instruments and can be white-labelled by financial institutions
Moroku will be using the capital injection to fund further business expansion (Moroku currently has clients in six countries) and will draw on Cuscal’s financial and payments expertise, and deep integration within the Australian banking industry, to help with this expansion.
Speaking about the investment, Cuscal MD Craig Kennedy said:
“The partnership with Moroku is a good fit for Cuscal. Their expertise in gamification and app development will help broaden our own capabilities and allow us to enhance our digital and mobile offering, which is an increasingly important part of our clients’ product suite.”
Moroku CEO, Colin Weir said:
There has been a significant increase in banks and insurance companies showing interest in partnering with smaller technology partners across the Asia Pacific region in the last six months. The strategic relationship we are building with Cuscal brings us great distribution and experience at an industry level, enabling Moroku to play to its strengths around innovation, designing and deploying customer centric, digital, financial applications.