Ezetap raises $8m from Helion Advisor, Berggruen

Tags: News
Mobile-based payment solutions provider Ezetap has fetched a minority investment from American Express.The firm had recently raised $8 million from Helion Advisors and Berggruen Holdings. With this deal, the total funding would be at $12 million.

The fresh funds will, an undisclosed amount, be used to accelerate growth across Asia and Africa. The company has so far deployed over 12,000 devices across South East Asia and Africa and plans to cross 100,000 devices in the coming year.

“The payments landscape is changing rapidly and we believe mobile point of sales solutions will play an important role in helping to further enable commerce – especially in small merchant segments that have historically relied on cash – by delivering a smart and convenient way for small businesses to accept consumer payments.” said Sanjay Rishi, president, American Express for South Asia.

Ezetap’s customers include firms in e-commerce, bill payment and collections, insurance, FMCG, restaurants and hospitality, retail, taxi services and organisations focused on financial inclusion among others.

“India has more than 300 million unique credit and debit cardholders but the acceptance infrastructure in India has lagged with just over 800 thousand such acceptance points. However, with smartphones and tablets becoming pervasive, the Ezetap mPOS solution changes that by allowing retailers and field agents to easily collect card-based payments through their mobile handset – ensuring that they never miss a sale or collection,” Ezetap said.

The Ezetap solution has a secure and lightweight card reader, a configurable mobile application, and a flexible platform that allows Ezetap to provide customized value-added services and integrate to a merchant’s existing systems, the company said. The card reader connects to a mobile device through bluetooth, USB, or audio.

“Our association with American Express will allow us to quickly turn on mPOS for more than hundred thousand of existing Ezetap and American Express merchants in India alone while accelerating our expansion into other countries,” said Abhijit Bose, CEO of Ezetap.

trushnaudgirkar

@mydigitalfc.com

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