Ezetap, Universal Mobile Payments Solution Leading India’s Cashless Revolution, Named #3 on the 2016 CNBC Disruptor 50 List
Ezetap’s mobile payment solution is helping bring millions of people onto the financial grid and empowering them to expand their businesses.
Ezetap, the pioneer of universal mobile payments in emerging markets, has been named to the 2016 CNBC Disruptor 50, an exclusive list ranking of the private companies whose innovations are revolutionizing the business landscape. This marks Ezetap’s inaugural appearance on the list, with the fintech company landing at #3 following Airbnb and Uber. Ezetap is also the only company founded and based in India that made this year’s list.
“Ezetap is honored to be included on the CNBC Disruptor 50 list, as it comes on the heels of several critical milestones for our company, including 1.5 million monthly transactions and $2.5 million processed per day across the platform,” said Abhijit Bose, CEO and cofounder of Ezetap. “This recognition is very motivating as we continue to build new partnerships, expand into new markets, and help improve the financial security and wellbeing of millions of people with our universal mobile payment solution.”
The market opportunity for Ezetap has become increasingly clear over the past few years, as banking and financial services sectors in emerging markets are ripe for disruption. In India alone, around two-thirds of its population have little to no access to banks or credit cards. The landscape is changing thanks in part to the ongoing mobile revolution in India and a financial inclusion campaign spearheaded by Prime Minister Narendra Modi. In just one year, 200 million bank accounts have been opened and over 100 million new mobile wallets were created in India. Challenges remain, however, as less than five percent of the 12 to 15 million small- and medium-sized enterprises in India are equipped to swipe a card.
In the five years since its founding, Ezetap is poised to become the leading provider of a universal mobile point-of-sale (POS) device and payment application for emerging markets. Ezetap enables all business to move to smart apps, allowing them to handle any type of payment instrument for any type of transaction. Any mobile phone or tablet enabled with the Ezetap Mobile Point of Service device becomes an intelligent payment processor that enables merchants to accept all forms of payment, whether debit, credit or mobile wallets. Currently, Ezetap’s mPOS device and application is used at more than 100,000 locations – ranging from large enterprises to agents collecting pension deposits in rural villages. In a matter of a few keystrokes, the merchant is not only set up to accept payments, but also act as a bill payment center, eGovernment service point, ATM, full service bank branch, and more.
Ezetap has raised $35M in funding to-date, and is backed by Social Capital, the Silicon Valley firm led by former Facebook executive Chamath Palihapitiya, Prime Venture Partners, Helion Advisors, Horizon Ventures, Berggruen Holdings, American Express Ventures, and Peter Thiel. The company’s customers include leading national banks (Citibank, HDFC Bank), American Express, Mastercard, and large e-commerce, insurance and mobile companies.
This is the fourth annual CNBC Disruptor 50 list, with 28 of the companies based in Silicon Valley and only five based abroad. Collectively, the companies ranked on this year’s 2016 CNBC Disruptor 50 have raised more than $41 billion in venture capital at a combined valuation of $242 billion. The top 10 Disruptors are:
View the complete list of companies on the 2016 CNBC Disruptor 50.
Ezetap is a mobile payments service provider for emerging markets based in Bangalore, India. The company was co-founded in 2011 by CEO Abhijit Bose, CTO Bhaktha Kesavachar, and mobile payments pioneer Sanjay Swamy, who serves as the company’s Vice Chairman. The Ezetap service is PCI-DSS compliant, has been certified by multiple, leading financial institutions. For more details: https://www.ezetap.com
Ezetap has been at the forefront of transforming payments in India. Ezetap has more than 85,000 Smart POS services points ranging from well-known enterprises to tens of thousands of small retail businesses. Other technical innovations led by Ezetap include the company’s release of the world’s first Android SDK for mobile point of sales in December 2011. This allowed any software developer to add Ezetap into their application. Ezetap also developed lowest cost, fully certified Chip, Pin and Magnetic Stripe terminal in the world, a product that was 100% designed and made in India.
The company has raised over Rs. 210 Crores ($35 Million) in funding to date and its investors include Social+Capital Partnership - the Silicon Valley firm led by former Facebook executive Chamath Palihapitiya, Helion Advisors, American Express, and Li Ka-shing’s Horizons Ventures. Most recently, Ezetap closed Rs. 150 crores ($25 Million) in funding in early 2015, which they will use to expand the merchant base using Ezetap’s Smart POS across India.
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