Investment firm JS Capital Management has led a $16m funding round for Ezetap, an India-based mobile payment processor backed by payment services firm American Express.
Existing investors Social Capital and Horizons Ventures also contributed to the round, the former’s investment making it Exetap’s largest shareholder, according to LiveMint. Salil Seshadri of JS Capital will join Ezetap’s board of directors in conjunction with the funding.
Ezetap has built a mobile platform that allows merchants to accept payments for any bank through a mobile device. The software can also be integrated into existing online systems by e-commerce or logistics operators.
The funding will support growth in India, where the company has signed up 200,000 customers, and an expansion into Southeast Asia. Ezetap has now raised more than $51m since it was founded in 2011.
American Express invested an undisclosed amount in the company in 2014 which likely made up part of an $8m series B round featuring Social Capital, Helion Advisors and Berggruen Holdings that closed the following month.
Social Capital, Horizons Ventures, Helion Advisors, Berggruen Holdings and Capricorn Investment Group supplied $23.5m in series C funding for Ezetap in 2015.
– This article was amended on August 25, 2017 to reflect the issue of a press release.