Bangalore based mobile payment solutions company Ezetap has announced that they have raised USD 8 million in funding, led by Helion Advisors. Silicon Valley based Social+Capital Partnership and Berggruen Holdings have also participated in this round.
Ashish Gupta Senior MD of Helion and Chamath Palihapitiya of Social+Capital Partnership will join Ezetap board.
Last year, Ezetap released the world’s first fully certified Chip, PIN, and magnetic stripe card reader that was priced at quite competitively at $50 USD.
The Ezetap 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.
he Ezetap solution is comprised of 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 Ezetap Card Reader can connect to a mobile device via Bluetooth, USB, or Audio.
The funds raised will be utilized to market and scale Ezetap MPoS in Emerging countries where there is tremendous market for such mobile payments solutions.
Speaking on the investment, Ashish Gupta said “Helion believes that Ezetap is best poised to lead mobile payments, given the massive change in paradigms of electronic payments, especially in emerging markets. The investment also ties in with Helion’s game plan to invest in companies creating technologies to address global market opportunities.”
Bangalore based Ezetap was co-founded in 2011 by Abhijit Bose (CEO ), Bhaktha Keshavachar (CTO), and mobile payments pioneer Sanjay Swamy who serves as the company’s Chairman.
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