ZGI Capital exited from payment system Mobilly

Latvian ZGI Capital has exited from the Riga-based mobile payment system Mobilly, in which it previously held a 9.17% stake. Other shareholders such as Riga-based bank Citadele (owned 12.5%), Latvian charity and support fund Vitolu Fund (3.18%), Uldis Paberzis (20.32%), and Girts Slavins (4.7%) also sold their shares. The amount of the deal was not disclosed.

Founded in 2003 in Riga by Normunds Bergs and Janis Bergs, Mobilly is an payment system that supports mobile and online payments. The Mobilly app can be used to pay for parking, entry tickets in Jurmala, public transport Rigas Satiksme, taxi services, postage, buy train and bus tickets, make donations, and pay for other goods and services. It has more than 400K mobile app users.

Mobilly's founders have also sold their shares. Normunds Bergs and Janis Bergs previously owned 26.63% and 23.5% respectively. The new owners of Mobilly became Mobilly SPV, which is owned 80.02% owned by Valdis Bergs, 9,99% - by Lithuanian construction and engineering solutions group Civinity, and 9,99% by Riga-based financial advisory firm Baltic Partners.

ZGI Capital invested in Mobilly in 2016. According to open sources, the deal value was €1.1M. 

After the change of shareholders, Mobilly will be managed by the same team as before. The company will also continue to focus on attracting new users and expanding services, as well as developing its business in the Baltics and beyond.

Established in 2005, ZGI Capital invests in small and medium-sized enterprises in Latvia, Estonia, and Lithuania. The managing partner is Normunds Igolnieks.