Ezetap Raises $23M To Grow mPOS Reach

India-based mobile payments solution provider Ezetap has raised $23 million in a fresh round of funding.

Ezetap’s solution, which is streamlined with the fast-growing mobile market in the country, turns the merchant’s mobile device into a smart point-of-sale system that can read credit and debit cards and perform a varying number of functions, such as real-time payments, cash back and even deposit using its secure platform.

“What makes mPOS unique is that every Ezetap mobile application being used by a merchant is configurable and smart. This is a fundamental change from the way payments have worked for decades and why it never scaled in India,” said Abhijit Bose, cofounder and CEO of Ezetap.

“Not only can we easily enable a storekeeper anywhere in the country to accept all forms of payments and increase their sales, we can actually turn his or her small shop into a bill payment center, eGovernment service point, full service bank branch and much more with only a few keystrokes in Bangalore,” he added.

The investment round was led by Social+Capital, Helion Advisors and Berggruen Holdings and joined by Horizons Ventures and Capricorn Investment Group, according to a press release.

With the investment from Social+Capital, the company’s managing board would also be chaired by the investment firm’s Founder Chamath Palihapitiya.

The company’s solution, which is quickly gaining popularity in the market with over 500 new merchants adopting it every week, is expected to do even better as the company plans to direct the funding towards marketing the product and reaching its goal of selling five times its current amount in the next few months.

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