Ezetap rides India’s fintech wave to $16 million for easier mobile payments

Ezetap wants to modify businesses in Asian country to simply accept any style of payment and these days declared funding of $16 million to additional that goal. Jonathan Soros’ investment trust JS Capital Management crystal rectifier the spherical, with participation from Jeff Skoll cluster, Social Capital, and Horizons Ventures.

“Due to Narendra Modi’s unprecedented demonetization initiative last Nov, Asian country is experiencing a full-blown digital transformation that’s sanctionative countless Indian voters to electronically interact for the primary time in their lives,” wrote Ezetap father and CEO Abhijit Satyendra Nath Bose, in Associate in Nursing email to VentureBeat. “Ezetap has done its half by quietly building the infrastructure to support the 100+ million new bank accounts ensuing from India’s fintech explosion.”

Founded in 2011, the Bangalore-based startup

provides its package as a service (SaaS) resolution to quite two hundred,000 merchants and users across Asian country, consistent with Satyendra Nath Bose. These embody Airtel, Big Basket, and concrete Ladder. The chief govt claims that by victimization the Ezetap device, merchants will settle for any payment kind, together with physical cards, on-line payments, mobile wallets, and QR codes, from any bank victimization any device or app. Countries like African nation, Kenya, and Asian country area unit prime samples of this riotous movement, particularly once it involves mobile payments. Satyendra Nath Bose argues that this offers them a definite edge.

“Countries just like the U.S. have relied heavily on credit cards for an extended time, that has discouraged the adoption of digital payments technologies,” he wrote. “On the contrary, Asian country essentially started from scratch once the conclusion announcement, thus Ezetap’s versatile fintech platform is required to accommodate new payment technologies unfamiliar with to the U.S.”

Ezetap isn’t the sole startup to be surfboarding India’s fintech wave. Competitors embody Pine Labs, Mswipe, and Alibaba-backed Paytm. Foreign technical school firms are sniffing a chance, with Google, Apple, and Samsung doubling down on mobile services in Asian country.

To date, Ezetap has raised a complete of $51 million, and it presently has quite two hundred staff. The startup can use the recent injection of capital to additional develop its product and increase sales and promoting.