Ezetap, a Bangalore, India-based provider of a mobile payments service for emerging markets, closed an $8m Series B funding.
The round was led by Helion Advisors with participation from Social+Capital Partnership and Berggruen Holdings. In conjunction with the funding, Ashish Gupta of Helion Advisors will join Ezetap’s board while Rahul Chandra, also of Helion Advisors, has been named as an advisor.
The company plans to use the funds to accelerate global growth across Asia and Africa, with plans to cross 100,000 devices in the next 12 months.
Founded in 2011 by Abhijit Bose (CEO), Bhakta Keshavachar (CTO) and Sanjay Swamy, chairman, Ezetap provides a solution that turns any merchant’s mobile device into a point of sale reading any type of card and complete financial transactions by credit card, a real-time bill payment, an ATM cash withdrawal or deposit.
The solution includes: a card reader, a configurable mobile application, and a platform to provide customized services and integrate to a merchant’s existing systems. The card reader can connect to a mobile device via Bluetooth, USB, or Audio.
The company has deployed over 12,000 devices across South East Asia and Africa. Customers include companies in eCommerce, bill payment and collections, insurance, FMCG, restaurants and hospitality, retail, taxi services and organizations focused on financial inclusion.
Earlier, in November 2012, Ezetap raised $3.5m in a Series A round from Social+Capital Partnership and individuals including Peter Thiel, David Sacks and Nicolas Berggruen of Berggruen Holdings.
FinSMEs
24/02/2014