Fintech company Ezetap gets $16 million US-based JS Capital

BENGALURU: Fintech company Ezetap, which offers merchant payment solutions, has raised $16 million in a new round of funding from US-based investment firm JS Capital Management, the venture fund of investor Jonathan Soros, as well as existing investors Social Capital and Horizons Ventures.

Social Capital and Hong Kong business tycoon Li Ka-shing's Horizons Ventures also increased their stake in the company as part of this round.

This is a lower funding from the Series C funding of $23 million that the company had raised in 2015.

“We raised a smaller round since we are planning to use this mainly as growth capital to expand sales, customer base and enhance technology,“ CEO Abhijit Bose told ET. “The participation of blue-chip investors guarantees us access to huge amounts of capital.“

Jonathan Soros is the son of widely successful investor George Soros. As part of this round, Salil Seshadri of JS Capital Management will join the Bengaluru-based company's board. Ezetap, which recently acquired FortunePay, a startup that offers payment switching infrastructure to banks, will also look at more acquisitions, Bose said. Ezetap is also looking at international expansion and plans to enter Malaysia by December.

Ezetap had expanded to Kenya with its payment solution a few years ago. The company's peer in the payments space, Pine Labs Pine Labs is also set to enter some South-east Asian markets soon.