Ezetap Mobile Solutions, an India-based mobile payment technology developer backed by payment services firm American Express, raised Rs 1.5bn ($23.5m) in series C funding yesterday.
The capital was provided by Social+Capital, Helion Advisors, Berggruen Holdings, Capricorn Investment Group and Horizons Ventures. Chamath Palihapitiya, founder of Social+Capital, will become Ezetap’s chairman in conjunction with the round.
Founded in 2011, Ezetap has created an app, card reader and online platform that together can convert a mobile device into a point of sale device that can read any card, as well as one that can make payments and deposits.
The technology was launched in 2013 and now processes about $1m in transactions each day. Ezetap is being adopted by around 500 small business merchants each week, according to the company, which aims to expand that figure to 2,500 within the next few months.
The series C funding follows an undisclosed sum invested by American Express in March 2014, which in turn came a month after Ezetap closed an $8m series B round backed by Helion Advisors, Social+Capital and Berggruen Holdings. It has now raised $35m since it was founded.