Bengaluru based payment solution company Ezetap acquired payment switching infrastructure startup FortunePay on Tuesday.
Ezetap, co-founded by Abhijit Bose and Bhaktha Keshavachar, is a mobile based payment company that aims to change the landscape of electronic payments in emerging markets. Apart from offering Point of Sale (PoS ) devices and solutions, Ezetap has also integrated UPI and a universal wallet acceptance solution.
The company got fame when it launched ‘Chota ATM’ in partnership with SBI (State Bank of India) and delivered 1st ‘Made in India’ mobile point of sale unit. It has also partnered with Citybank.
This is Ezetap’s second acquisition, earlier it had acquired loyalty platform Clinknow in 2014. The company also hinted about more acquisitions in future as it looks to cover the entire ecosystem of payments.
Commenting on acquisition, Ezetap CEO Abhijit Bose said, “We want to be a single payment solution for merchants, be it physical cards, UPI or mobile wallets. To do that, we need the infrastructure, which is why we decided to acquire FortunePay, which has a next-generation switching infrastructure for the mobile internet world.”
“The switching infrastructure processes payments from swipe machines made with credit or debit cards. This acquisition will help us work with more banks and give more value to merchants. If the switch of one of our partner banks is down, we can process the transactions using our switch and minimise the downtime for merchants,” he further added.
FortunePay backed by Kae Capital and Growx Ventures, was founded by Manju Murthy and P Shashidhar in 2011. It provides e-platform services to merchants and banks and offers a variety of payment terminals, including dial-up, GPRS/mobile, PC-PoS and m-PoS.
“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 in a statement.
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