• Ezetap

  Participated · Equity · Aug 2017

  Ezetap provides a payments software-as-a-service platform that enables merchants to accept a range of payment methods, including physical cards, online payments, wallets and one-click UPI. The company serves more than 200,000 merchants and employs about 200 people. It is currently processing roughly $135 million in transactions monthly, eight times its volume at the start of 2016, and the CEO projects more than $1.5 billion per year flowing through the platform and over $3 billion in the next 12 months. Management says the underlying payments infrastructure is largely complete, and new hiring will focus on marketing and sales to support growth. Ezetap has made two acquisitions to date—FortunePay (June) and Clinknow (2014)—and plans to launch in Southeast Asia by the end of the year. The company faces well-funded rivals such as Paytm and MobiKwik but expects to reach profitability soon as volume ramps. Ezetap provides mobile point-of-sale devices and a payments platform to enterprises and tens of thousands of small retail businesses across India. The company has deployed 60,000 mPOS devices in under 30 months and processes transactions worth over $1 million per day. Ezetap has partnerships with major banks including Citibank, HDFC Bank, and American Express, and was chosen by the State Bank of India as an mPOS partner to scale electronic payments. CEO and co-founder Abhijit Bose described a vision to be the most preferred, lowest-cost, universal platform for business transactions and customer engagement. The company intends to use funding and board guidance to scale operations and realize that vision. Ezetap builds a rectangular card-reader device (including chip support) that plugs into mobile phones to enable point-of-sale payments; the device retails for about $50. The company has sold roughly 12,000 devices to date and is aiming to have over 100,000 installed across Asia-Pacific, Africa and the Middle East within a year. After a Citibank pilot in January 2013, Ezetap signed several banks and e-commerce customers including Flipkart and BigBasket, and launched in Kenya via a partnership with Mastercard and Equity Bank. Its solution received global certification from EMVCo in May 2013. The team was incubated in 2011 by Angelprime and is led by CEO Abhijit Bose alongside founders Sanjay Swamy, Shripati Acharya and Bala Parthasarathy. The company is positioning itself to expand across emerging markets and is using fresh funding to support that geographic expansion. Ezetap develops a mobile point-of-sale solution that converts feature phones, smartphones and tablets into PoS terminals using a locally designed and manufactured Ezetap Card-Reader that connects via the headphone jack. The company offers a configurable mobile app that works across feature phones and smart devices and a flexible platform that allows Ezetap or third parties to build tightly integrated value-added services. Its payment service is built to the global PCI-DSS standard and has been launched in India and Kenya. Ezetap was founded in 2011 and is led by CEO Abhijit Bose, with Bhakta Kesavachar as CTO and Satheesh Vattekkat as VP of engineering. The startup plans to expand the service to additional countries across Asia and Africa. Financially, the company has completed a Series A financing and previously raised an undisclosed amount from AngelPrime; no revenue or user metrics were disclosed in the article.

No current team members are available.