Poynt raises $100 million in funding from Elavon, National Australia Bank
The payment terminal maker Poynt, a rival to Square and other hardware providers with customized software applications for merchants, has raised $100 million in a Series C funding round with strategic partners Elavon and National Australia Bank.
The Palo Alto, Calif., company will use the funds to expand into new markets in Asia, Europe and South America with its Poynt OS offering based on Android, which adapts to new and legacy retail systems, the company said in a Tuesday press release.
The cash influx brings Poynt’s total funding to about $133 million since the company launched in 2013, headed by CEO Osama Bedier, who previously worked at PayPal and at Google, where he spearheaded the launch of Google Pay in 2011.
Working with partners including Elavon, Worldpay, JPMorgan Chase and Alipay, Poynt has shipped 150,000 terminals to resellers and merchants since 2016, the company said in the release. The Poynt OS platform supports a range of payment and business applications created with third-party developers.
“We have a strong and trusted partnership with Poynt, and we are excited to support this next phase of the company’s growth,” Elavon CEO Jamie Walker said in the release.
“As Australia’s largest business bank with a large merchant customer base, National Australia Bank 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,” Melissa Widner, NAB Ventures’ general partner, said in the release.