18 October 2017

AmEx invests in Indian mPOS startup Ezetap

20 March 2014  |  7055 views  |  0 Indian flag

Bangalore-based Ezetap has secured investment from American Express to help it bring mPOS technology to Asia and Africa.

According to the Economic Times, AmEx has taken a minority stake in Ezetap although the financial details have not been revealed.

The news comes just a month after the Indian startup raised around $8 million in a series b funding round led by Helion Advisors, Social+Capital and Berggruen Holdings.

Abhijit Bose, who co-founded Ezetap with Bhaktha Keshavacha in 2011, told the Economic Times: "This investment is a validation about what we are doing and the potential of the market."

The company entered the Indian market last January through a tie-up with Citibank to sell its Sqaure-like app and reader-based system for turning mobile phones into card payment acceptance devices through a tie-up with Citibank. It also works in Kenya with MasterCard and Equity Bank.

So far around 12,000 card readers have been sold but Ezetap is hoping to increase this to 100,000 within a year as it uses the latest funding to enter new markets throughout Africa and South East Asia.

Sanjay Rishi, president, American Express, South Asia, says: "Ezetap is one of the few mobile point of sale companies in the world that owns the entire technology stack from its hardware and application to its open platform, integration framework, and processing."

AmEx made an investment in Swedish mPOS firm iZettle in 2012.

KeywordsEFTPOSFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

AmEx pushes tech to bank the unbanked

AmEx pushes tech to bank the unbanked

10 March 2014  |  14338 views  |  3 comments | 37 tweets | 24 linkedin
Barclaycard enters mPOS fray

Barclaycard enters mPOS fray

18 February 2014  |  12061 views  |  3 comments | 18 tweets | 11 linkedin
MPos start-up Leaf scores $20m investment from Heartland

MPos start-up Leaf scores $20m investment from Heartland

01 October 2013  |  4707 views  |  0 comments | 2 tweets | 3 linkedin
Isis moves beyond NFC with AmEx Serve tie-up

Isis moves beyond NFC with AmEx Serve tie-up

09 August 2013  |  8343 views  |  0 comments | 11 tweets
Citibank India unveils mobile card acceptance system

Citibank India unveils mobile card acceptance system

22 January 2013  |  8421 views  |  0 comments | 9 tweets | 4 linkedin
AmEx invests in iZettle; O2 launches PINpad for mobile payments

AmEx invests in iZettle; O2 launches PINpad for mobile payments

23 October 2012  |  10788 views  |  0 comments | 14 tweets | 3 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15142 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8354 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7855 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7276 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6435 views comments | 8 tweets | 16 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job