Ezetap Mobile Solutions, the Bangalore-based pioneer in mobile payments for emerging markets, today announced that is has raised USD 8 million in funding, led by Helion Advisors, the multi-stage, India-focused venture fund with over $600 million under management. The Series B funding also counts Silicon Valley-based Social+Capital Partnership and Berggruen Holdings as investors.
Ezetap, which has deployed over 12,000 devices across South East Asia and Africa, plans to use the funds to accelerate global growth across Asia and Africa, and expects to cross 100,000 devices in the next 12 months. Ashish Gupta, Senior Managing Director of Helion Advisors will join Chamath Palihapitiya, former Facebook executive and founder of the Social+Capital Partnership, and Sanjay Swamy, Managing Partner of Angelprime, on the board of the company. Rahul Chandra, Managing Director of Helion Advisors, will also be part of the company’s team of Advisors.
The Ezetap solution turns any merchant’s mobile device into an intelligent point of sale that is able to read any type of card and complete any type of financial transaction from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit. The 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 product, high-quality team and market success of Ezetap is reflected in its ability to raise capital from top-notch VC funds such as Helion and Social+Capital”, said Sanjay Swamy, Managing Partner of AngelPrime, the seed-stage fund that helped launch Ezetap.