DALLAS and MUMBAI, India, Feb. 12, 2018 /PRNewswire/ --MoneyOnMobile, Inc. (OTCQB: MOMT), one of India's largest phone-based payment networks, announced the company has completed a $5 million fundraise from the S7 Group, a private aviation and aerospace holding company in Russia. The raise will provide new capital through the issuance of Series H Convertible Preferred Shares.
"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," Oleg Gordienko, S7 Group Investment director, 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," says Harold Montgomery, CEO and Chairman.
ABOUT S7 GROUP S7 Group is the largest private aviation and space holding company in Russia comprising air transportation, maintenance and space operations companies. In particular, S7 Airlines, a oneworld® airlines alliance member, that serves 162 routes in 26 countries across CIS, Europe, Middle East, South-East Asia and Asia-Pacific region. In 2017 S7 Airlines carried over 14 million passengers.
About MoneyOnMobile, Inc. MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. 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.
Safe Harbor Statement This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on July 6, 2017. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.