Bengaluru-based mPOS startup Ezetap has acquired FortunePay for an undisclosed amount. The acquisition aims to enable Ezetap further expand its payments technology.
Digital payment processing solutions startup FortunePay was founded in 2011 by Manju Murthy and Shashidhar P. The Bengaluru-based company offers comprehensive end-to-end electronic payment platform and services in acquiring banks and merchants.
“The acquisition brings together Ezetap’s differentiated mPoS offering and enterprise integration with FortunePay’s processing infrastructure to enable unified payments at scale and lower cost,“ said Murthy.
On the other hand, mPOS startup EzeTap was founded in 2011 by Abhijit Bose, Bhaktha Keshavachar, and Sanjay Swamy.
Commenting on the acquisition Ezetap CEO Abhijit Bose said, “India is shifting rapidly from a relatively opaque cash-based economy to one that is increasingly cashless. This acquisition enables us to be that single solution for any business in India to accept all type of payments, anytime, and anywhere.”
He further added that the acquisition will help the company work with more banks and give more value to merchants. Ezetap’s payment acceptance platform integrated with FortunePay’s payment processing host is accepted to deliver lower transaction processing costs, supports multi-mode payment and connects with more banks and partners.
Apart from offering PoS devices and solutions, Ezetap has also integrated UPI and a universal wallet acceptance solution.
Since November 2016, after the introduction of demonetisation drive, the digital payments witnessed an exponential growth. The digital payments industry in India is projected to reach $500 Bn by 2020, as a per a report by Google and Boston Consulting Group. A recent report stated that the Indian digital economy is poised to grow to an estimated $4 Tn by 2022, as per assessment of technology companies.
In May 2017, Mswipe entered into a strategic partnership with online payment service provider PayU India. According to the deal terms, Mswipe has taken over the offline merchant acquiring the business of PayU India.
The Mumbai-based mPOS startup has reportedly raised $31 Mn funding in Series D round, led by UC-RNT Fund. UC-RNT Fund is the joint VC fund between Chairman Emeritus of Tata Sons, Ratan Tata and the University of California
Other startups that EzeTap competes with include ePaisa, Mosambee, Paynear, among others.