Poynt has reportedly raised $100 million in series C funding round. The funding round was supported by the company’s partners National Australia Bank (NAB) and Elavon. The company intends to use the funds to expand its global reach by targeting the markets of Asia, South America, and Europe. Some portion of the funds will also be used for growing the company’s talent base and some will be invested in products and partner development. The company is eyeing to become the operating system on smart payment terminals across the globe.
The World Bank predicts global products to reach $85 trillion of which payments cards is likely to have $22 trillion shares. By 2020, more than 176 million payment terminals are forecasted for shipping. It is believed that common standards have led to the outcome of many new markets. Similarly, iOS and Android have made the smartphone quite common and have improved worth of the mobile market to $3 trillion. In the same line, Poynt is aiming at transforming commerce with an open operating system compatible with all smart payment terminals on almost every store countertop across the globe.
The Poynt OS is likely to develop a unique app economy in the favor of merchants by enabling developers to write once and spread it across different channels. The Poynt OS is an Android-based hardware-agnostic and seamlessly plugged onto new as well as legacy retail software systems. This would support merchants in their efforts to expand capability by collaborating with a third party and custom apps. Poynt is hopeful of its OS adoption by half of the world’s top payment terminal manufacturers by 2019.
Osama Bedier, Poynt CEO said that the smart mobiles have significantly changed the way things were searched, bought, and communication was carried out. This has been partially possible due to the attractiveness of the devices and popular utility of iOS and Android platform. The platforms, in fact, made it possible to develop apps and distribute them with ease, stated Bedier. The mission of Poynt is to give retail a new shape with the latest technological advancements especially in the payment gateways across the world. The company provides developers with the right opportunities to develop payment gateways to meet the desired expectation of merchants and their respective clients.
It took five years of research for Poynt to recognize the shortfalls of the payment gateways to find ways to connect multipurpose devices that can be run on single open OS. In the past 16 months, the company has shipped around 150,000 terminals. Around 30 million users have used Poynt terminals for making transactions. Over a year the Poynt terminals are expected to record a total transaction of $25 billion. The company has also signed partnerships with leading global financial institutions including US-based bank Elavin, Evertec, J.P. Morgan Chase, Nexi, and Mashreq Bank. And today around 8,000 developers use Poynt platforms for creating terminals including Boomtown, MindBody, Homebase, TruRating, and Talech.