Ezetap, an mPOS service provider, has announced that it has secured $16 million in new funding. The round was led by JS Capital Management, the investment fund of Jonathan Soros.
Existing investors of the company — Social Capital and Li Ka-Shing’s Horizons Ventures also participated in this round. As part of this round, Salil Seshadri, CIO at JS Capital Management, will join the Board.
The company will use the financing to continue innovating and expanding its payments platform – first of its kind that lets any business accept any form of payment – as well as grow its sales and operations across India and abroad.
Chamath Palihapitiya, founder and CEO of Social Capital, said,
India is on the brink of a massive surge in consumer consumption, but not until the underlying payments infrastructure is securely in place. Ezetap is in an incredible position as the leading platform for Indian merchants, with deep IP and no obvious US proxy – it’s like a combination of Stripe, AWS and Android, built for the complexities of the Indian market. This team has balanced patience and ambition as they’ve solved a truly hard problem, and now they’re starting to really scale and claim Ezetap’s place as one of the most important emerging technology platforms in India.
Founded in 2011, Ezetap was one of the pioneers in the mobile point of sale (POS) market, and the first company to focus on integrating that payment experience into other software applications and systems used by merchants to run their businesses.
It enables 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.