Bangalore-based SaaS payments platform Ezetap today announced that it has secured US$16 million in fresh funding, led by JS Capital Management, the investment fund of Jonathan Soros.
Ezetap will use the financing to continue innovating and expanding its payments platform that lets any business accept any form of payment, as well as to grow its sales and operations across India and abroad.
As part of this round, Salil Seshadri, CIO at JS Capital Management, will join the Ezetap Board.
Started in 2011, Ezetap is a SaaS payments system, allowing merchants to accept any digital transaction including physical cards, online payments, mobile wallets, or one-click payments via India’s new UPI system that allows any device or interface to use biometric data, SMS, or digital QR codes.
Ezetap claims last year alone, it enabled digital payments for more than 200,000 merchants and users across India, processed US$135 million in transactions monthly, and is on track to increase transaction volume by another 3x in the next 18 months. More than 15 million consumers have transacted on Ezetap’s platform, of which 8.5 million for the first time in 2016 alone.
Last year, it acquired FortunePay to enhance its payment processing infrastructure for banks. A merchant or developer can now begin accepting any form of payment via Ezetap within 24 hours.
“India is at least five years ahead of the US in terms of fintech innovation,” said Ezetap Co-founder and CEO Abhijit Bose. “It is a perfect storm. We have a society and economy that needed — and was ready — for digital adoption, mobile internet infrastructure that finally allows us to reach every citizen, a once-in-a-lifetime government policy, coupled with a scrappy fintech ecosystem in which the winners will have built scalable, difficult-to-replicate businesses in a low margin market. The fintech companies that come out of India in the next few years will help redefine business models and how people transact globally,” Bose added.
Till date, Ezetap has raised more than US$51 million in funding, which included a US$23.5 million funding in 2015 from Social+Capital, Helion Venture Partners, Berggruen Holdings, and Horizons Ventures, and Capricorn Investment Group.
Previously, Ezetap raised US$8 million in Series B funding led by Helion, Social Capital, and Berggruen Holdings in 2014.