MoneyOnMobile plans to invest US $100 million in Mumbai startup
MoneyOnMobile, a Dallas based fintech Investment Company plans to invest about US $100 million in the Mumbai–based pre–paid mobile wallet and remittance service startup, My Mobile Payments Limited (MMPL). MoneyOnMobile was formerly known as Caplain and is currently listed in the US Stock Exchange. It entered the Indian fintech market in 2012. Prior to this investment of US $100 million, MoneyOnMobile had invested up to US $30 million in MMPL. Harold Montgomery, Chairman and CEO of MoneyOnMobile said that the Company would aggressively invest on Indian startups for the next two to three years and expand its presence in India. Read more on Investments
MoneyOnMobile is a pre – paid mobile wallet where customers can pay their bills online after recharging their MoneyOnMobile wallet with cash at a retail store. While most of the mobile wallet startups in India witnessed a boom in their business after the demonetization move during October 2016, MoneyOnMobile witnessed a significant decline in its business due to shortage of cash with people. They were not able to recharge their MoneyOnMobile app with cash.