American Express Purchases Stake In Bangalore Startup Ezetap


BANGALORE: Ezetap, a Bangalore based payment device manufacturing startup managed to get investments from American Express. The world’s largest credit card issuer is reported to have made a minor investment in the startup. The fund will be used by Ezetap to boost its growth in the South East Asia and Africa markets as per Economic Times. However the founders didn’t   disclose further information on the net worth that was being invested.

Founded in 2011, Ezetap develops both software and hardware solutions and is one among the mobile point of sale companies in the world. The budding venture had secured Rs 49.8 crore from venture fund Helion Venture Partners in February. The startup has also raised investments from PayPal, Berggruen Holdings and Yammer cofounder.

"This investment is a validation about what we are doing and the potential of the market," said Abhijit Bose cofounder of Ezetap. The startup incubated in AngelPrime manufactures a card reader that can read any cash cards by just inserting into any smart device or Smartphone. The machinery is highly useful for retailers in various verticals including e-commerce, taxi service, insurance, restaurants and lot more.   Ezetap has a large client base with Myntra, Bookmyshow, Olacabs and Reliance General Insurance just to name a few in its list.

“American Express believes mobile point of sales solutions will play an important role in helping to further enable commerce. Especially in small merchant segments that have historically relied on cash," said Sanjay Rishi, President, American Express, South Asia.

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