Indian mPOS player Ezetap raises US$8M in Series B funding
The round was led by Helion Advisors; funding will be used to expand footprint in Asia-Pacific, Middle East and AfricaBy Saloni Surti 21 Feb, 2014
India-based mobile payment solutions company, Ezetap has raised US$8 million in Series B funding led by Helion Advisors. Existing investors Social+Capital Partnership and Berggruen Holdings also participated in the round.
The recently gained funds will be used to expand Ezetap’s footprint in Asia-Pacific, Middle East and Africa. The company got its initial funding of US$3.5 million in 2012 from Paypal’s Peter Thiel, Chamath Palihapitiya of Social+Capital Partnership, PE player Nicolas Berggruen and David Sacks, Founder, Yammer .
Ezetap has received EMV-Level 1 Certification, a global certification for credit and debit payment cards. The Ezetap system has a card reader that can be connected to a smart device of a feature phone to convert it to an mPOS device.
With increasing number of smartphones and high usage of plastic money, disruptive mobile technology is needed. In the recent past, a number of mPOS organisations have managed to raised funding. Mswipe, a competitor of Ezetap, recently raised an undisclosed amount of funding from various investors, including Matrix Partners, Axis Bank. iKaaz, Eashmart, and emPay are a few other mPOS companies to raise funds in the last six months.
Ezetap was established by Abhijit Bose in 2012 and was initially funded by AngelPrime.
Featured and Lead Image Courtesy: Ezetap