Black-owned fintech startup Mozaic raises $20 million to revolutionize creator payments

BY Preta Peace Namasaba December 5, 2023 1:08 PM EDT
Marcus Cobb

Black-owned fintech Mozaic has successfully secured $20 million in a Series A funding round, propelling the startup’s total funding to an impressive $27 million. The financing round was led by Volition Capital, with participation from notable investors, including Rise of the Rest, Maverick Nashville, and Joe Galante. Mozaic’s strategic allocation of these funds is geared towards simplifying payment distribution among creators and ensuring fair compensation for their contributions.

Unveiling a groundbreaking service tailored for the burgeoning creator economy, projected to reach $480 billion by 2027, Mozaic facilitates seamless income division among creative teams across diverse sectors. Unlike conventional payment platforms, Mozaic’s innovative approach supports collaborators in music, podcasts, social content, video gaming, eCommerce, and books, among others, streamlining the intricate process of financial distribution.

Mozaic boasts a global reach, enabling creators worldwide to directly receive payments and detailed project reports on the platform. With language support in English, Spanish, and French, and payment options spanning 135 global currencies across more than 199 countries, Mozaic ensures a truly inclusive and accessible platform.

CEO Marcus Cobb expressed particular enthusiasm about its new development, a user friendly Chrome extension that simplifies the financial logistics, providing an intuitive solution for creators.

“What I’m personally most excited about is a Chrome extension that allows you to add splits to anything. That Chrome extension will work on YouTube, on Etsy, on Spotify and on GitHub. And it’s as easy as tagging your friends on the product pages”. said Mozaic CEO Marcus Cobb in TechCrunch.

At its core, Mozaic offers an API that seamlessly integrates with popular platforms like Spotify, YouTube, and Twitch, alongside customizable solutions. This API has already been utilized by Jason Hadshain’s Made By Us Music and Creative Space and Events, collaborating with eminent artists like 50 Cent, P Diddy, and Rihanna. Additionally, Mozaic features JSON-based intelligent contracts automating payments to collaborators based on project-specific rules.

With the newly acquired funding, Mozaic is poised to enhance its product development initiatives, expand its sales and product teams by the close of 2023, and unveil a Chrome extension and mobile app in an exclusive invite-only mode. These innovations are set to simplify payment splitting for creators and will be available to all users in 2024.

Mozaic, initially known as Jammber, was co-founded by Marcus Cobb in 2015. Originally focused on developing a mobile solution for various facets of the music business, Mozaic has evolved into a collaborative payment platform at the forefront of transforming the creator economy.