Can Mozaic Revolutionize Split-payment Methods With Its New $20M Backing?

It's no secret that we live in an era of collaborations, where various businesses, brands and creators often come together for projects. Yet, that means splitting payments among the stakeholders and contributors becomes a major challenge! #WhatToDo

Addressing this issue head-on, Mozaic (formerly known as Jammber) emerges as an innovative solution, leveraging a diverse range of tools including APIs (application performance interfaces) and Chrome extensions, to transform the landscape of collaborative payments. Guess what? The company recently secured a substantial $20 million in Series A funding from Volition Capital, raising its total investment to over $27 million.

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Investors such as Rise of the Rest, Maverick Nashville and music industry luminary Joe Galante have contributed to Mozaic's growth since its inception in 2015 by CEO Marcus Cobb and SVP of Growth Rachel Knepp.

CEO Marcus Cobb elaborated on their journey, highlighting a pivotal moment, "We put together a PowerPoint sales deck in about two days and cold-called 200 music distributors. When 60 LOIs (Letter of Intents) came in within 30 days, it signaled the pivot was the right choice."

Now let's see how Mozaic’s spit-payment works:

Mozaic, for instance, has become a revolutionary solution in the music industry's complex web of split payments and collaborations. According to CEO, Marcus Cobb, the conventional song-creation process involves multiple collaborators, with only the primary creator receiving immediate payment. The subsequent task involves distributing earnings among contributors, often posing challenges due to the absence of defined rules for splitting payments. Moziac enters with JSON-based smart contracts that autonomously allocate payments to collaborators based on project-specific rules, streamlining the entire payment distribution process.
This platform ensures that artists receive payments directly and gain insights through detailed project reports. Setting up an account requires basic information, empowering creators to automatically receive payments. Mozaic operates on a fee structure of 1.99% plus a $1 transaction fee (capped at $25), offering its services while minimizing costs for users.
A music industry executive highlighted the cumbersome nature of existing systems utilized by record labels and distributors. These systems heavily rely on manual reporting, burdening collaborators with repetitive follow-ups and offering minimal transparency throughout the process. Mozaic emerges as a potential game-changer, providing a streamlined alternative.

So, what is Moziac's roadmap for the future?

In the evolving landscape of content creation, there’s a dynamic shift towards collaboration, leading to royalty splits and the need for more efficient solutions. Companies such as DistroKid and ByteDance’s SoundOn have pioneered automatic royalty split algorithms, yet Mozaic stands out with its belief that its cross-border proficiency will drive widespread adoption of its solutions.
According to Cobb, staying competitive in this space demands modern solutions for labels and creator houses. Mozaic, leveraging its extensive experience, ensures that its solution isn’t just confined to the music industry but extends its utility to diverse creators, from YouTubers to Twitch streamers and even newsletter writers.
Cobb expresses enthusiasm for the Chrome extension, emphasizing its versatility across platforms like YouTube, Etsy, Spotify and GitHub. The ease of implementation, likened to tagging friends on product pages, speaks volumes about its user-friendly design.
Mozaic won’t stop there; they're concurrently developing a website tailored for businesses, aiming to enhance reporting and facilitate split revenues or affiliate sales.

In a nutshell, Mozaic has emerged as a ray of hope for creators and businesses looking to manage their revenues on collaborative ventures.

Do you think the new funding will help Mozaic stand out in the FinTech world? Will we see such payment-splitting solutions for creators in other collaborative fields?

Feel free to share your thoughts in the comments section below!

First published on Tue, Nov 28, 2023

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