Smart terminal company Poynt has been given a $100 million Series C investment from NAB Ventures and payment processor Elavon.
The company said with this invest it 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 on smart payment terminals worldwide.
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Osama Bedier, founder and CEO of Poynt said, “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.
“Our vision is to transform retail by becoming that innovation platform for payment terminals everywhere. We give developers a technical canvas to build the omnichannel experiences merchants and their customers have come to expect – and ultimately, make visiting your local store the personal experience it was always meant to be.”
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 said it expects Poynt OS adoption on at least half of the world’s top payment terminal manufacturers in 2019.
Melissa Widner, General Partner, NAB Ventures said, “We’ve been very impressed with the caliber of the team at Poynt and the innovation of their smart payment terminals.
“As Australia’s largest business bank with a large merchant customer base, NAB is always looking at new initiatives that are coming into the market and assessing whether they could help us provide improved experiences to our customers.”
Jamie Walker, CEO of Elavon said, “Elavon has been a leader in payment processing for over 20 years because of our dedication to helping our customers grow by providing some of the most innovative payments technology on the market.
“We have a strong and trusted partnership with Poynt, and we are excited to support this next phase of the company’s growth.”
Recognising the lack of smart terminals in the market, Poynt said it 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.
The company has signed partnerships with leading global banks including Elavon (US Bank), JP Morgan Chase, Alipay (Ant Financial), Nexi (Italy), EVO, and Mashreq Bank (UAE).
Approximately 8,000 developers build on Poynt, including Boomtown, Homebase, MindBody, Talech and TruRating.