Mobile payments provider Ezetap secures $23m in fresh funding

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The Bangalore-based mobile payments company for emerging markets has raised Rs. 150 crores ($24m) in fresh funding.

Ezetap’s current investors; Social+Capital, Helion Advisors, and Berggruen Holdings were joined by Horizons Ventures, the private investment arm for Li Ka-Shing, and the Capricorn Investment Group in this round.

Social+Capital founder Chamath Palihapitiya will become Chairman of Board – the first time the former Facebook executive has taken on this role with a portfolio company outside the United States.

Ezetap processes transactions worth over $1 million per day and has deployed 60,000 new points of sale across India.

The funding will be used to expand its staff and further increase the number of its POS devices deployed across India to 200,000 in the next 12 months.

“India is uniquely positioned to build an entirely new financial services ecosystem thanks to advancements like UID. Moreover, it’s clear to us that this revolution will be mobile first – from mPOS to mobile wallets,” said Chamath Palihapitiya, Founder & Managing Partner, Social + Capital.

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