Mobile payment solutions company #ezetap has raised $8 million in a Series B funding from a group of investors led by Helion Advisors along with participation from existing investors, Social+Capital Partnership and Nicolas Berggruen’s PE fund Berggruen Holdings.
With this new funding Ezetap becomes one among half a dozen mobile payment companies that raised funding in the past 6 months. Lately, the mobile payment space is gaining a lot of attention from venture capitalists. Since October 2013 mobile payments solutions companies including Livquik, emPay, Mswipe, iKaaz and Eashmart have also raised funding.
Ezetap has raised a total of $11.5 million from 2 rounds. The company has raised $3.5 million in Series A funding round in November 2012, from investors including PayPal’s Peter Thiel and Yammer Co-founder David Sacks.
Launched in 2011, Ezetap allows feature phones, smart-phones and tablets to be converted into full-fledged Point of Sale terminals by plugging in the Ezetap Card-Reader, which has been designed and manufactured in India.
In 2013, the company had launched a new and advanced version of its mobile card reader for under $50. The service also received EMV-Level 1 & 2 Certification, a global certification for credit and debit payment cards based on smart-cards.
With the mobile subscriber base in India touching 886 million, and steadily growing number of data users, payment solution companies are trying to tap into this market.
Recommended Read: Electronic Payments 2.0: The Second Coming of Mobile Payments Startups