Indian mobile payment startup Ezetap raising additional capital from American Express

March 20
8:54 AM 2014

On the heels of an $8-million Series B round in February, mobile payment startup Ezetap Mobile Solutions is already raising more capital from American Express, according to TechCrunch.

Co-founder Abhijit Bose explained: "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."

The amount of the funding was not revealed but The Economic Times said American Express acquired a minority holding in the Indian startup. To date, Ezetap has raised a total of $11.5 million in funding, TechCrunch added.

Co-founded in 2011 by Bose and former Intel engineer Bhaktha Keshavachar, Ezetap sells a $50-device that functions as a mobile point-of-sales solution for merchants. The Bangalore-based startup will use the newly raised capital to deploy its product across Africa and Southeast Asia. The firm is targeting a 100,000 mark in the total sale of the said device by 2015, The Economic Times reported.

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