US-based payment processing software developer Poynt received $100m in series C funding from investors including financial services firms NAB and US Bancorp, the latter through its card processing subsidiary Elavon.
Founded in 2013, Poynt develops payment processing terminals and software that offer merchants features such as customisable interfaces and integration with third-party apps. It is rolling out a piece of software called Poynt OS that is designed to run on a wide range of smart payment terminals.
The company expects Poynt OS to be integrated with at least 50% of the largest global payment terminal manufacturers by the end of 2019.
The funding will help Poynt target new markets in Asia, Europe and South America while growing its talent base and investing in product development and the growth of its partner network.
Melissa Widner, general partner of NAB’s corporate venturing unit, NAB Ventures, said: “We have been very impressed with the calibre of the team at Poynt and the innovation of their smart payment terminals.
“As Australia’s largest business bank with a large merchant customer base, NAB is always looking at new initiatives that are coming into the market and assessing whether they could help us provide improved experiences to our customers.”
Poynt raised an undisclosed amount of series A funding from GV, the subsidiary of internet and technology conglomerate Alphabet then known as Google Ventures, as well as Matrix Partners, Webb Investment Network and Nyca Partners in 2014.
The series A investors subsequently returned for a the company’s $28m series B the following year, which was led by venture capital fund Oak HC/FT with a contribution from Stanford-Start X Fund, at an $188m valuation, taking its total funding to $33m according to Forbes.
The original version of this article appeared on our sister site, Global University Venturing.