Mozaic (previously known as Jammber), a company dedicated to solving the complex issue of splitting payments for creators, has recently secured a $20 million Series A funding round from Volition Capital. This latest investment brings the total funding for Mozaic to over $27 million. The startup, founded in 2015 by CEO Marcus Cobb and SVP of Growth Rachel Knepp, aims to develop innovative tools to manage various aspects of the music business, including credits management and ticketing.
Key Takeaway
Mozaic has raised $20 million in funding to develop its innovative payment splitting solution for creators. The company’s API allows artists to seamlessly split payments with collaborators, eliminating the challenges posed by traditional payment platforms. With plans to launch a Chrome extension and mobile app in the near future, Mozaic aims to revolutionize the way payments are managed in the creative industry.
A Pioneering Solution
Mozaic’s pivot to creating a collaborative payments product came in 2020 in response to the challenges faced by creators during the pandemic. With the aim of providing a seamless solution, Mozaic offers a range of tools, including APIs and Chrome extensions, to enable creators to split payments with their collaborators effortlessly. The company’s mission is to move creators away from traditional payment platforms like PayPal, CashApp, Venmo, and Zelle, which may not be accessible or suitable for collaborators in different countries.
The Power of Mozaic’s API
At the core of Mozaic’s offering is its powerful API, which easily integrates with popular platforms such as Spotify, YouTube, Twitch, and others. Notable names in the music industry, including Made By Us Music and Creative Space & Events, have already embraced Mozaic’s solution to automate payments to clients. The process is simple: artists receive payments directly and have access to detailed reports for each project. Mozaic’s smart contracts, based on JSON technology, ensure that payments are automatically distributed to collaborators according to the specified rules of each project.
Benefits and Challenges
For collaborators, Mozaic eliminates the tedious and manual process of splitting payments, providing transparency and efficiency. However, to achieve widespread adoption, Mozaic’s API will need to seamlessly integrate with the established systems used by record labels and distributors. Nevertheless, Mozaic is confident in its cross-border competence and believes that its solutions will be widely embraced by a range of creators, from YouTubers to Twitch streamers and newsletter writers.
