MoreMagic Solutions
Develops payment engine applications, enabling consumers to purchase goods and services using the mobile phone or web.
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| investor investor investor | €0.0 | round | |
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| Total Funding | 000k | ||
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Founded in 2000, MoreMagic Solutions established itself as a global provider of mobile commerce and financial transaction platforms. The company's core business involved enabling mobile operators, financial institutions, content providers, and distributors to offer services that allowed consumers to purchase goods and transact using mobile phones, point-of-sale systems, or the web. MoreMagic's primary clients were businesses such as mobile network operators, banks, and retail distributors seeking to implement mobile payment solutions.
The company's technology was centered around its high-throughput payments engine, known as m:Broker, and a portfolio of pre-packaged mobile commerce applications called MagicSuite. This product suite enabled a range of revenue-generating services including mobile airtime recharge, domestic and international money transfers, mobile banking, and general mobile payments. Another key offering was MagicHub, a global value exchange connected to a worldwide distributor network. This platform allowed mobile operators to extend their branded services to customers living outside their home country, facilitating international top-ups and communication with relatives.
A significant milestone in the company's history was the acquisition of the Irish mobile payments company Agile in 2004, which became a wholly-owned subsidiary and served as MoreMagic's EMEA headquarters. This move expanded MoreMagic's capabilities into hosted m-payments infrastructure. Pankaj Gulati served as the Chairman and CEO, guiding the company through key partnerships, including a collaboration with Western Union in 2009 to facilitate international mobile airtime top-ups from the U.S. In February 2012, MoreMagic Solutions was acquired by Oberthur Technologies (now Idemia), a move intended to create an end-to-end secure mobile wallet and NFC offering by integrating MoreMagic's platform with Oberthur's smart card technologies.
Keywords: mobile payments platform, financial transactions, mobile commerce, mobile money transfer, mobile banking, airtime recharge, m-commerce, fintech, payment engine, value exchange, Oberthur Technologies, mobile wallet, cross-platform transaction, electronic payment services, international top-up, payment service providers, MagicSuite, m:Broker, MagicHub