Poynt, the startup founded by the former head of Google Wallet, Osama Bedier said that it has raised $100 million in Series C funding from investors including Elavon and National Australia Bank.
The Palo Alto, California-based firm makes payment terminals for merchants. But its main goal is to build an operating system that runs any payment terminal and supports quick software updates and applications written by outside developers.
Poynt is backed by Elavon, Google Ventures, Matrix Partners, National Australia Bank, NYCA Partners, Oak HC/FT Partners, Stanford-StartX Fund, and Webb Investment Network.
With this investment, the company will expand into new markets across Asia, Europe and South America, grow its talent base, and invest in product and partner development as it executes its vision to become the operating system (OS) on smart payment terminals worldwide. Just as iOS and Android drove smartphone ubiquity and transformed mobile into a $3 trillion market, Poynt now aims to transform commerce with an open OS for any smart payment terminal, on every store countertop in the world.
“Smartphones changed the way we search, buy and communicate — not only because the hardware was beautiful, but because iOS and Android transformed a ubiquitous utility into a platform for innovation where developers could build once and distribute everywhere” said Osama Bedier, founder and CEO of Poynt.
According to The World Bank, global world product is expected to exceed $85 trillion this year, with more than $22 trillion occurring on payment cards. More than 176 million payment terminals are expected to ship by 2020. Common standards create huge new markets.
Poynt OS creates a new app economy for merchants by allowing developers to write once and distribute everywhere. Based on Android, it is hardware-agnostic and seamlessly plugs into new and legacy retail software systems, allowing merchants to extend their capabilities with third party and custom apps. The company expects Poynt OS adoption on at least half of the world’s top payment terminal manufacturers in 2019.
Recognizing the lack of smart terminals in the market, Poynt has invested five years of research and development to reimagine the ubiquitous payment terminal into a connected, multi-purpose device that runs on an open platform.
The company has experienced rapid growth, shipping nearly 150,000 terminals in the last 16 months. Nearly 30 million consumers have transacted on a Poynt terminal, and total payment volume is expected to exceed $25 billion over the next 12 months.
It has partnered with leading global banks including Elavon (U.S. Bank), Evertec, Worldpay, J.P. Morgan Chase, Itau Unibanco, Alipay, Nexi, EVO, and Mashreq Bank.
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