Business / Companies

New financing for payment service mo9

( Updated: 2014-11-07 15:06

Payment service provider mo9, which pioneered the "Play First, Pay Later" business model, announced on Thursday that it has raised tens of millions of US dollars in its C-round financing led by leading venture capital organization, Ventech China.

Once again mo9, which was founded in 2011, showed tremendous popularity in the capital market following its previous two rounds of financing led by Sequoia Capital and Bertelsmann Asia Investments.

The mo9 credit engine is the company's core technology, which includes two important parts, risks control and credit system, and effectively establishes mo9's internal ecosystem.

Based on this core technology, mo9 had provided safe and convenient payment services to more than 30 million paid subscribers as of October 2014.

Thanks to the convenience and safety afforded by mo9's "Play First, Pay Later" model, users have put great trust in this online consumption model and urged mo9 to expand its payment services to more virtual products. In response to users' demands, and seizing the future development trends, mo9 will capitalize on the latest financing to expand its existing virtual credit products to a wider range.

Lv Hua, CEO of mo9, said, "mo9 has now accumulated more than 30 million paid subscribers and over 380 merchant partners, supporting over 800 popular games.

"With the latest funds raised, mo9 will go beyond the existing game and virtual commodity payment field and focus on the virtual digital product field and expand our businesses into such new fields as social networking platforms, paid video and online lottery.

"We will apply the virtual credit system to all industries related to clothing, food, shelter and travel and strive to develop a series of payment products, such as 'See First, Pay Later', "Listen First, Pay Later', 'Read First, Pay later' and 'Buy First, Pay Later'. We will help merchants improve their conversion and transaction success rates and provide safe, fast and trendy credit payment services to merchants in various digital industries."

Du Yongbo, financial advisor for mo9's C series financing and managing director of China Renaissance, said, "mo9 is our first client in the mobile payment sector. Following more than two years of development, it has won recognition from mainstream games and apps in the market, establishing certain competition barriers.

"Founder Lv Hua, Co-Founder Allen Zhang and mo9's core members came from PayPal's US and China teams. They have solid experience in product technology and management know-how in the payment sector. We have every confidence in the mo9 team and firmly believe that mo9 will achieve greater success in the future."

Cindy Guo, general partner of Ventech China, said, "Mobile credit payment is an important part of the future mobile payment sector which is revolutionary and holds tremendous growth potential. mo9 started early in the mobile credit sector and its management team has accumulated extensive practical experience.

Following more than two years of merchant outreach, the mo9 team has now achieved full market coverage over the game industry, building mo9 into a payment leader in the game industry. We hope that mo9 will continue to press ahead, develop fast and maximally serve all segments of the entire digital credit market."

New financing for payment service mo9

New financing for payment service mo9

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