Photo Credit: Mozaic.io
Co-creator payments platform Mozaic.io has secured a $20 million Series A funding round, led by Volition Capital.
The total creator economy is expected to reach an estimated $480 billion by 2027. With the proliferation of streaming content and social platforms that accelerated during the pandemic, more creators than ever are collaborating to make music, podcasts, social content, video gaming, books, and much more. There’s a massive need for an easy way to pay and get paid for these collaborative projects—no matter whether it’s music, books, video content, or more.
Payment apps like PayPal and CashApp make it easy to send money, but there’s no real solution for creative teams to automatically split income with all collaborators in their local currency. Mozaic fills this market gap by offering the only global split payments API. Mozaic started with a focus on payouts for music distributors, artists, and collaborators. Today, the company serves the entire peer-to-peer creator economy with a goal to expand further into the gig and freelance economy.
Mozaic differentiates itself with its high-level API that allows users to easily implement splits and automated payments for collaborators. The API enables users to define smart agreements to split payouts and send cross-border mass payouts. The alternative for creators is to manually capture splits and pay the team via PayPal, CashApp, or other payment processor.
“The creator economy is a global economy and for it to reach its full potential, compensation has to be a seamless and as natural as collaboration,” says CEO Marcus Cobb. “There is massive demand for a solution that enables simple and transparent payments. We estimate 7 out of 10 collaborative payments are painfully delayed or distressed. So, you can imagine what might happen if that pain turns into joy at-scale. It’s a multi-billion-dollar opportunity.”
The investment from Volition Capital brings the total raised to $27.1 million, with existing investment from Rise of the Rest, Maverick Nashville, and music industry exec Joe Galante. With the new investment, Mozaic will focus on new product development, including its new self-serve offering that enables creators to manage everything and connect to other platforms such as YouTube, Twitch, Shopify, and others.
