Mosambee

Synergistic Financial Networks, operating under the brand name Mosambee, was established in 2011 by Alok Arora, Sameer Chugh, and Bhushan Thaker. The founding team brought together a blend of expertise from the payments, finance, and IT sectors, aiming to address the evolving needs of digital transactions in India. The company has carved out a niche in the payment solutions market, focusing on providing merchants with the tools to accept a wide array of digital payments. Its client base ranges from small and medium-sized enterprises to larger corporations, including notable names like HDFC Bank, ICICI Bank, and various government entities such as the Indian Railway Catering and Tourism Corporation (IRCTC).

Mosambee's core business revolves around a device-as-a-service model, offering a suite of payment acceptance solutions. The primary revenue stream is generated through a one-time terminal fee and a recurring monthly software-as-a-service (SaaS) fee. This model equips merchants with the necessary hardware and software without a prohibitive upfront investment. The company's product portfolio is comprehensive, featuring the Mosambee mPOS, a device capable of accepting credit and debit cards, including those with EMV chips. Beyond traditional card payments, the platform has integrated various digital wallets through a payment gateway, allowing merchants to accept payments from numerous sources via a single interface.

The company's offerings have expanded to include advanced point-of-sale (POS) systems known as 'Sleek' and 'Plush' POS, which cater to different merchant needs with functionalities extending beyond simple payment processing. A significant development in their product line is the 'Tap to Phone' technology, which transforms a merchant's NFC-enabled smartphone into a payment acceptance terminal, reducing the reliance on traditional POS hardware. This solution, along with their 'Soundbox' which provides audio payment confirmations, demonstrates a focus on creating accessible and user-friendly payment experiences. In a strategic move to enhance its market position, Mosambee was acquired by Pine Labs in April 2022, a deal valued at over $100 million. This acquisition provides Mosambee with substantial backing to scale its operations and further innovate within the competitive fintech landscape.

Keywords: payment solutions, merchant services, fintech, point-of-sale, mPOS, digital payments, SaaS, payment gateway, device-as-a-service, merchant acquiring