13 February 2018, India:
MoneyOnMobile has raised $5 million in Series F round of funding from S7 Group. The raise will provide new capital through the issuance of Series H Convertible Preferred Shares.
Harold Montgomery, CEO and Chairman of MoneyonMobile said, “We are excited to have the institutional investment support from the S7 Group. This capital infusion will enable us to continue to execute our business plan and drive growth across our product lines. As part of the deal we will bring to our board a strategy for how to leverage technologies the S7 Group has used to identify new growth opportunities, and will benefit from their experience in this area. Having worked with the principals at S7 Group over the last few years, I appreciate their confidence and enthusiasm about the future of MoneyOnMobile.”
Oleg Gordienko, S7 Group Investment director said, “The S7 Group has implemented several new technological improvements to various operations and payment processes across our holdings. We look forward to using our world-class expertise in India’s fast developing payments market to continue MoneyOnMobile’s growth.”
S7 Group is a Russian private aviation and space holding company, comprising air transportation, maintenance and space operations companies.
MoneyonMobile was founded by Jolly Mathur, Rajat Sharma, Ranjeet Oak and Shashank Joshi in 2010. It is a fin-tech startup that offers mobile payments services. The company allows customers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another.
(Image – MoneyOnMobile)