India mobile payment platform Ezetap has secured $16m in a financing round.
Backers to the round included JS Capital Management, Social Capital and Horizons Ventures.
Founded in Silicon Valley, the company is a POS platform which integrates payments within software applications and systems used by merchants. Through the platform retailers can accept payments ON various platforms, from online, cards, wallets, apps, and biometrics transactions.
The round will be used to innovate and expand its platform, as well as increasing its sales and operation in India.
Ezetap co-founder and CEO Abhijit Bose said, “India is at least five years ahead of the US in terms of fintech innovation, and Ezetap is at the forefront, thanks to the support and guidance of our investors.
“It is a perfect storm. We have a society and economy that needed — and was ready — for digital adoption, mobile Internet infrastructure that finally allows us to reach every citizen, a once-in-a-lifetime government policy, coupled with a scrappy FinTech ecosystem in which the winners will have built scalable, difficult-to-replicate businesses in a low margin market. The fintech companies that come out of India in the next few years will help redefine business models and how people transact globally.”
Following the investment, JS Capital Management CIO Salil Seshadri will join the company’s board of directors.
With this financing round, the company has raised a total of around $47m, with the company’s Series C securing $23.5m in 2015.
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