AUSTIN, Texas – November 21, 2013 – Mozido an Austin-based mobile financial services provider, today announced an investment from Latin American business leader Adolfo Salume to implement an innovative mobile EcoSystem in El Salvador that will provide a range of marketing, retail, and banking opportunities for the unbanked and under-banked population.
Salume’s investment and his local staff will help support adoption of Mozido’s mobile applications – providing users with services such as financial management with Constelacion Bank, loyalty programs, analytics-based offers, shopping, and payment services in retail stores such as Mr. Donut, and mobile cash logistic automation, lending, and marketing services with one of the leading consumer packaged goods distributors in El Salvador.
“Virtually the entire population in El Salvador has mobile phones, but roughly 80 percent are considered unbanked,” said Salume, who is Chairman and CEO for more than 20 operating companies under Grupo Prologix. “Our market is ripe to bring international remittance, bill payment, top-up, micro-lending, loyalty programs, and marketing more conveniently and cost effectively to mobile phone users.”
Said Mozido Founder Michael Liberty: “Adolfo is an extremely successful serial entrepreneur who I am very happy to welcome as a Director on the Board of Mozido Global and Chairman of Mozido’s Latin American Division. He will play a critical role in realizing Mozido’s mission of financial inclusion for the unbanked and under-banked in El Salvador and Latin America through Mozido’s mobile financial and marketing services.
Salume received his MBA from Harvard Business School and his B.A. from Harvard College. He was formerly an investment banker in the U.S. before returning to El Salvador and building an ever-expanding portfolio of successful businesses. In addition to Salume’s corporate experience he is also the President and Founder of several non-profit foundations working to improve public education for the under-privileged in Central America.
“After searching the market I selected Mozido for the security, scale, pre-built financial, payment, and marketing services, and quick time-to-market of their cloud-based solutions,” Salume said. “We intend to start in El Salvador but quickly expand with Mozido throughout the Latam region, which is hungry for convenient and cost-effective mobile payment services.”
With the expansion of service from Salume’s investment, consumers will be able to shop, pay bills, and receive international remittances from the U.S. through Mozido’s Mobile app and a pre-paid account debit card via Constelacion Bank. Customers will also have access to top-up mobile airtime.
“Adolfo Salume’s vision to connect mobile services for retailers, CPGs, and banks is the perfect expression of the mobile EcoSystem that we have built Mozido to deliver,” said Mike Love, President and Chief Operating Officer of Mozido. “Together our mobile EcoSystem will provide more convenient and lower cost services to the people in El Salvador.”
Mozido’s Latam division is also beginning to recruit strategic partners in additional countries throughout the Latin American region that are interested in implementing the mobile payment EcoSystem. Salume is Mozido’s leading executive in search of strategic partners to further develop the Mozido EcoSystem.
Mozido provides an integrated platform of cloud-based, white-label, mobile payment, shopping and marketing solutions, complemented by real-time, customer behavior analytics. Mozido enables companies in retail, financial services, consumer packaged goods and telecom to serve both banked and unbanked consumers, and mobilize a better future for all people. Our platform is highly interoperable and can work with virtually any wireless carrier or mobile device, including smartphones and feature phones. For more information, visit us at www.mozido.com. Follow us on Twitter: @MozidoGlobal.
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