American Express invests in payment device maker Ezetap
The move is aimed at enhancing distribution across South East Asia and other regions
Bangalore: Ezetap Mobile Solutions Pvt. Ltd, a mobile card payments start-up, said American Express invested an undisclosed sum in it to enhance distribution across South East Asia and other regions, just weeks after the company raised $8 million from other investors.
“Our relationship with American Express will allow us to quickly turn on mPOS (mobile point of sale) for more than hundred thousand of existing Ezetap and American Express merchants in India alone while accelerating our expansion into other countries,” Abhijit Bose, chief executive of Bangalore-based Ezetap, said in a statement on Thursday.
Ezetap, founded in 2011 by Bose, Bhakta Keshavachar and Sanjay Swamy, enables mobile phones to function as card reading machines for real-time bill payments. Its card payment solution comprises a lightweight card reader, a mobile app, and a platform that facilitates integration with a merchant’s existing technology.
The latest fund-raise comes only a few weeks after Ezetap raised $8 million from Helion Advisors Pvt. Ltd and existing investors Silicon Valley-based Social Capital Partnership and Berggruen Holdings. Overall, the company had raised $11.5 million before the American Express investment.
“Our association will help both companies collaborate on an ongoing basis to develop the right product capabilities, drive consumer spends through loyalty and rewards, and accelerate awareness and distribution across South-East Asia as well as other geographies,” said Sanjay Rishi, president, American Express, South Asia.
Ezetap has deployed more than 12,000 mobile card reading devices in South-East Asia and Africa, and plans to use the latest funds raised to expand further in these emerging markets. The company expects to deploy 100,000 devices in the coming year.