Australian payment solutions provider Cuscal has agreed to acquire an 11% stake in Sydney-based mobile banking and payments software developer Moroku.
Cuscal said its investment is part of a broader capital raising by Moroku. Under the agreement, Cuscal will also take a seat on Moroku’s board.
Moroku, founded in 2012 by Colin Weir and Dave Durbin, plans to use the money to finance business expansion.
Cuscal MD Craig Kennedy said: "The partnership with Moroku is a good fit for Cuscal. Their expertise in gamification and app development will help broaden our own capabilities and allow us to enhance our digital and mobile offering, which is an increasingly important part of our clients’ product suite."
Moroku CEO Colin Weir added:" The strategic relationship we are building with Cuscal brings us great distribution and experience at an industry level, enabling Moroku to play to its strengths around innovation, designing and deploying customer centric, digital, financial applications."
Moroku has already developed two innovative products and has clients in six countries.