Consolidation in Fintech Continues with Ezetap Acquiring FortunePay

Ezetap has raised approximately 35 million dollars so far. This is their second acquisition and hopes it will help them consolidate their position as the go-to PoS terminal for merchants.

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The point of sale (PoS) company from Bangalore, Ezetap has acquired FortunePay, a platform offering banks to provide a combination of digital and physical payment solutions.

The news first reported by a leading media portal said Abhijit Bose, CEO of Ezetap, sees FortunePay as providing the infrastructure for his company to become a single payment solution for merchants. Ezetap currently serves clients biggies like Airtel, BigBasket and Urban Ladder.

This becomes Ezetap’s second acquisition; the first was in June 2014 when Ezetap acquired the loyalty platform Clinknow from Hyderabad to enable merchants create and offer real time offers to their customers based on transaction history.

In October of 2015, Ezetap allowed universal mobile wallet acceptance on its platform, to enable in-person transactions at home or at store. Ezetap partnered with mobile wallets like Paytm, Mobikwik, Freecharge, and Novopay, although in 2016, Paytm discontinued all te ups with mobile wallet aggregators to go direct to their customers.

Other partnerships formed by Ezetap include one with The State Bank of India in June 2014, to deploy 500,000 PoS terminals across India in the next five years.  With this tie up, Ezetap claimed that it was the largest mobile Point-of-Sale (mPOS) deployment in India to date.

Ezetap is currently a Series C startup. It raised 23.5 million dollars in Series C funding from Chamath Palihapitiya’s Social Capital; Helion Advisors; Berggruen Holdings; Horizons Ventures, the private investment arm of Li Ka-Shing, and the Capricorn Investment Group. Ezetap counts American Express as a minority stakeholder since March 2014. The company has raised approximately 35 million dollars so far.

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Ezetap FortunePay mpos pos fintech acquisition

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