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Mobile Payment Firm Ezetap Secures $8M from Helion Venture Partners & Others
Ezetap Mobile Solution has received a funding worth $8M from Helion Venture Partners and existing investors Social+Capital and Berggruen Holdings. The series B funding will be used by the Bangalore based company to accelerate growth across Asia, Africa and Middle East.
Helion’s senior managing director Ashish Gupta will join Ezetap’s board while managing director Rahul Chandra will be part of its team of advisors, as a result of this funding. This round takes the total fund raised by Ezetap to around $11.5 million. Prior to this the start-up has raised $3.5 million in Series A funding in November 2012.
Speaking about the investment,Abhijit Bose, CEO, Ezetap said, “There is an enormous need to provide electronic payments across emerging markets. We have built a successful model based on world-class technology, scalable distribution through a combination of partnerships and our own direct sales force, and a cost structure that works in these countries. Our focus is to scale this model and become the leader for electronic payments across emerging markets.”
Ezetap was founded in August 2011 by Sanjay Swamy, Abhijit Bose and Bhakta Kesavachar. The start-up claims there are currently, around 12000 Ezetap devices active in South East Asia and Africa and is expecting to sell 100000 devices by next year. Incubated by incubated by AngelPrime, solution enables any merchant to turn their mobile phones into mobile point of sale, that allows merchant to collect payments from any credit or debit card user. The solution can also carry out various financial transaction like real-time bill payment, STM cash withdrawal or even a deposit.
In 2013, Ezetap launched its new mobile point of sale device which is priced under $50. The MPOS device can be attached to mobile phones and can transact debit and credit card payment.
Last month, POS solution provider Mswipe had raised series B round from Matrix Partners and Axis Bank. Also, iKaaz mPos company secured seed capital from for further expansion.
Source: The Economic Times
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Source: http://www.watblog.com/2014/02/21/mobile-payment-firm-ezetap-secures-8m-from-helion-venture-partners-others/
