Russia-based Merkata Smart POS has received an undisclosed investment from FinSight Ventures.
Founded in 2015, Merkata helps to provide small merchants in Russia with POS solutions that can integrate with their workflow and automate the workflow of the store. Through the technology a client is able to use the POS system to automate processes including: procurement, sales tracking and monitoring, and regulatory compliance. The solution can also be used for managing and replenishing inventory.
Merkata has a range of POS systems available to purchase depending on the size of the business. The systems also require clients to buy tariffs for the payment terminals, which include a range of different solutions, such as sales management or commodity trading.
Capital from this investment will be used to expand its client support, sales and marketing efforts.
FinSight Ventures co-founder and managing partner Alexander Prokhorov said, “We see attractive investment opportunities in Eastern Europe and other emerging markets, where many sectors are experiencing high growth and digital transformation. These developments are unfolding in this region as they are in developed economies but often at faster speeds and with valuations and deal terms that are more reasonable than in developed markets.”
While the terms of this investment were not announced, the founders of Merkata will remain the majority ownership of the company.
Last month saw a large group of POS solutions receive funding rounds, with the most recent being Fattmerchant closing a $5.5m funding round. Other investments included German-based payment system Heidelpay acquiring POS solution StarTec, and Australian payment solution Verrency bagging $15m Series A.
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