The US-based startup, which is currently planning to globally ship its Smart Terminal, has raised $28m in Series B funding led by Oak HC/FT.
Capitalising on the US liability shift
The funding comes at a time when the US is transitioning to EMV, and some of the money will go towards launching the company’s new payment terminal by stepping up manufacturing , one it says will be the world’s first ‘smart’ terminal. The round means the company has raised $33m to date, and is valued at $188m.
The terminal, much like the recent releases from PayPal and SumUp, will work with pretty much all the mainstream ways of payments such as traditional magnetic stripe cards, EMV cards, NFC mobile wallets such as Apple Pay and Samsung Pay, as well as QR codes used by companies such as Starbucks, and beacons that use bluetooth technology to communicate.
The company also says that the terminal will be ‘future-proof’ because it features an operating system that works on an open platform.
“The world has embarked on new era of connected commerce where merchant technology needs to match what consumers carry every day. Poynt is leading the charge. Through the dedication of our team and the support of our investors, the Poynt Smart Terminal will start shipping this Quarter,” said Poynt founder and CEO, Osama Bedier.
In addition to funding, Poynt also announced a number of key hires, completing its deeply experienced team. Tony Miranz, former CEO and co-founder of VUDU, a Walmart company, was recently named Poynt’s COO. Aaron Leiba, a former Intel, Google, Apple, and Palm executive, was appointed VP of hardware engineering, and Musaab At-Taras, a former eBay and PayPal executive who most recently served as PayPal’s head of global strategic integrations, has joined Poynt as VP of software development.
The funding round totalled $61m, and will used to finance the company's global expansion plans.
Monzo also revealed its latest funding round last week.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
Funding Circle has perhaps started 2017 in a better way than most. The London-based lending platform that connects small businesses with investors has raised $100m (£82m) in equity investment.