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West Creek Raises $150 Million to Expand its Point-of-Sale Financing

19Oct By AdityaNo Comments

FUNDING

West Creek Raises $150 Million to Expand its Point-of-Sale Financing

RICHMOND, Va.-- West Creek, a fast-growing fintech company that provides innovative point-of-sale financing, announced it secured a $150 million credit facility from Pollen Street Capital, bringing West Creek’s total credit facility capacity to $250 million. This expanded capacity enables West Creek to maintain its rapid growth. Since 2015, West Creek’s revenue has grown over 4,400% and will surpass $200 million for 2019. West Creek partners with over 8,000 retailers nationwide and has helped over 250,000 customers in purchasing essential items, including furniture, mattresses, appliances, tires, and HVAC systems. “This new credit facility represents a significant milestone for West Creek and allows us to continue to transform point-of-sale financing,” said Rajesh Rao, chief financia...

Jakarta-based POS Provider Acquires Mumbai-based GetFocus

1Oct By Gauri SinghNo Comments

ACQUISITION

Jakarta-based POS Provider Acquires Mumbai-based GetFocus

A point-of-sales (POS) provider Moka which is based in Jakarta has reportedly acquired a Mumbai-based contextual marketing company known as GetFocus. However, the amount of deal has not been disclosed yet. Following this acquisition, both these companies are looking forward to combining their synergies and interaction for the purpose of strengthening their technology capabilities and leadership. “Moka’s vision and mission truly inspired us at GetFocus. We have long seen how technology is disrupting traditional retail and providing a much better experience to the end user along the way. We are glad to partner with Moka in their journey and solve for some of the largest problems faced by the 65 Mn merchants in Indonesia every day,” Prateek Chaturvedi, CEO of GetFocus said. Along with th...

Innoviti Payments Invests Crores For Developing Tech Solutions For PoS Terminals

6Jul By Gauri SinghNo Comments

News

Innoviti Payments Invests Crores For Developing Tech Solutions For PoS Terminals

The Bengaluru-based digital payments company Innoviti Payments has invested Rs 20 crores for the development of new technology solutions for its point of sales (PoS) terminals business. The company has made this move to make it easier to convert purchases into monthly instalments. It has designated funds amounting to Rs 10 crore for the promotion of this product. The option of EMI (equated monthly instalments) is quite common these days, the company has also stepped up and launched EMI Next. This product allows the merchants, brands and lenders to design specific and flexible EMI products for consumers to fit their requirements. “EMI has been the most popular mode of transaction for consumer durable segment, but with our new advancement we will be taking it t...

Paytm To Introduce Offline PoS System For Merchants

12Jun By Gauri SinghNo Comments

News

Paytm To Introduce Offline PoS System For Merchants

Online payments firm Paytm, run by One97 Communications Pvt. Ltd. is supposedly planning to soon introduce offline physical point-of-sales (PoS) terminal for its merchant customers. After QR code feature, Paytm is now enabling cards payments at merchant locations. According to the reports, it is being anticipated that will bring in two types of PoS terminals : - Traditional PoS terminals, which work on GPS or landline. - Mobile PoS terminals, which mostly work through a smartphone. “The idea is to offer users all forms of digital payments. What Paytm is doing through UPI encouraging bank-to-bank transfers, this is something similar to where they are entering into all forms of digital payments through PoS,” the report stated. “Paytm already has QR payment faci...

Flipkart’s Wallet Phone Pe Launches Calculator Lookalike PoS Device

31Oct By RishabhNo Comments

News

Flipkart’s Wallet Phone Pe Launches Calculator Lookalike PoS Device

Indian e-commerce Unicorn Flipkart's digital wallet Phone Pe has made a bold move to challenge Paytm, by launching a unique PoS(Point of Sale) device- which looks like a small calculator backed with Bluetooth technology as a payments solution for merchants. The device has several features that makes it fit for a Indian merchants. Priced at $10(around Rs 650), it can run for months, powered on a AA battery and relying on nothing the consumer's smartphone data connection. “It looks and feels and acts like a calculator, it costs less than $10 (nearly ₹650) and it is a plug and play product,” Phone Pe CEO Sameer Nigam told reporters at a conference in Bengaluru, launching the device. “Most payment solutions today do not address the basic problems. Merchants need a durable, cheap and ...

Sequoia Capital Planning Its Exit From Noida Based Pine Labs

28Aug By PriyankaNo Comments

BUSINESS

Sequoia Capital Planning Its Exit From Noida Based Pine Labs

American venture capital firm Sequoia Capital is exploring the options to sell out its portfolio company Pine Labs, one of the country's largest PoS (point of sale) solutions provider. According to the sources reported to ET, Sequoia Capital, who presently owns two-third of this Noida based startup, is targeting a valuation of about $1 billion for it to completely exit the company. In case, such valuation demands are not met, the Menlo Park-based Powerhouse is also considering a partial stake sale in the company in which it had initially invested $1 million in 2009. Avendus Capital has been given the mandate to raise $100 million for a minority stake. "The formal mandate that is ongoing is for a stake sale. Currently , the company is being valued at $600-700 million by peers but ...

LIC Follows Digital India Path, Agents Will Get PoS Machine For Premium Collection

1Mar By Press Trust of IndiaNo Comments

INDIA, News

LIC Follows Digital India Path, Agents Will Get PoS Machine For Premium Collection

In a big push to digital payment drive, LIC is planning to provide Point of Sale (PoS) machines to its lakhs of agents who collect around Rs 1.5 lakh crore premium annually. "As part of the strategy for the less cash economy, LIC is also gearing up for providing PoS machines to its few lakhs active agents initially so that premium collection can be done in digitally," a senior official said. The state-owned insurance behemoth is also looking at initiating Aadhaar-linked digital transactions, the official said, adding that this will help policy holders in the rural areas to avoid payment of premium in cash and cash handling burden of agents would come down significantly. To begin with, LIC plans to provide PoS machines to about 1.5 lakh agents that would be ramped up in the future,...

India Post Gets Payments Bank Licence to Start Services

28Jan By Press Trust of IndiaNo Comments

News

India Post Gets Payments Bank Licence to Start Services

India Post has received payments bank licence from the Reserve Bank of India to start rollout of banking operations commercially under the permit. "India Post has received payments bank licence. The service will be launched as per schedule," a Department of Posts official said. India Post Payments Bank is the third entity to receive payments bank permit after Bharti Airtel and Paytm. Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses. The new model of banking allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses. It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and oth...

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

19Nov By PriyankaNo Comments

News

Oxigen Converting Its Point of Sale in Mini ATM’s To Help Customers To Deposit Their Money

Digital payments solution provider Oxigen Services is in the process of upgrading its point of sales (PoS) devices into micro ATMs to help customers in the present situation due to ban on Rs 500 and Rs 1,000 notes. "Micro ATM is a point of sales device which we have developed into a full featured banking access device and payment transaction device. We want to deploy these terminals in rural areas and in urban areas at all kirana and retail stores across India," Pramod Saxena, Founder Chairman & MD, Oxigen Services told PTI in an interaction. "We already have 2 lakh retail touch points, of these 60,000 stores have these PoS terminals but they are not micro ATMs, so we have started upgrading these terminals into micro ATMs now." He said Oxigen Services plans to deploy 2,000 mic...

Ezetap secures Rs 150 Crore from Helion and Others

7Aug By AdityaNo Comments

FUNDING

Ezetap secures Rs 150 Crore from Helion and Others

Ezetap, which had previously raised $ 8 million from Helion Venture Partners, The social +Cpaital Partnership and Berggruen Holdings and has led itself to procure INR 150 Cr in its latest round of funding from its existing investors along with new investors, Horizon Ventures and Capricorn Investment Group. (more…)