Prizm Payments lands further USD8m for e-transaction service

Prizm lands further investment

Electronic transaction service Prizm Payment has bagged a further USD8m funding from Sequoia Capital India, bringing the venture capital firm’s total backing to USD15m, as the market begins to gather pace. The Mumbai-based firm, plans to push the new capital into infrastructure and automatic e-payment devices, says Prizm founder and MD Loney Antony.

Founded in 2005, the firm processes payments for financial firms, retailers and other service providers across 70 cities and 3,500 devices in India and with these figures expected to rise as demand from consumers in the country continues to soar. “As Indians begin to adopt newer payment options like debit/credit cards, electronic wallets, online payment and mobile payment instead of using cash for their purchases, a bunch of new business opportunities emerge around transaction processing, security, authentication and asset management,” says Sequoia MD Mohit Bhatnagar, speaking to VCCircle.

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