American Express picks up minority stake in mobile payments startup Ezetap

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Bangalore based mobile payment startup Ezetap has raised an undisclosed amount of funding from American Express – against a minority stake in the company, reports ET.

This will enable Ezetap to accelerate its growth and expand its services across Asia and Africa. “The investment will allow us to turn on additional value added services such as loyalty and rewards that will delight users and change the entire payment experience for end consumers,” said Abhijit Bose, co-founder, Ezetap in a statement.

Earlier in February Ezetap had raised USD 8 million in series B funding from a number of investors.

Founded in  2011 by Abhijit Bose (CEO), Bhakta Keshavachar (CTO) and Sanjay Swamy, Ezetap serves companies in eCommerce, bill payment, insurance, FMCG, restaurants and other organizations focused on financial inclusion.

Its mPos technology, launched in 2012, enables mobile phones and tablets to accept payments by converting them into a full-fledged Point of Sale terminals by plugging in the Ezetap Card-Reader.

Recently, mobile payments space has seen a lot of action, with a number of players having managed to make their place in VC’s portfolio. Other mobile payments solutions companies who have recently raised funding include Livquik, emPay, Mswipe, and more.

The author can be reached at devesh@iamwire.com

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