MoneyOnMobile (OTCQB: MOMT), one of the largest phone-based payment networks operating in India, recently announced that it has successfully completed a $5 million fundraise from the S7 Group, a private aviation and aerospace holding company in Russia. The raise will deliver new capital through the issuance of Series H Convertible Preferred Shares. “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,” MoneyOnMobile CEO and Chairman Harold Montgomery stated in the news release.
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About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India. For more information, visit the company’s website at www.MoneyOnMobile.in.
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