Backed by Stanford-Start X Fund and a trio of corporates, Poynt has now received more than $128m in total for its payment processing terminal and software business.
Poynt, a US-based payment processing software developer backed by Stanford-Start X Fund, the VC vehicle run by Stanford’s StartX accelerator, received $100m in series C funding yesterday.
The round included banking firm National Australia Bank (NAB) and Elavon, a card transaction business owned by NAB peer US Bancorp.
Founded in 2013, Poynt develops payment processing terminals and software that offer merchants features such as customisable interfaces and integration with third-party apps. It is currently rolling out a piece of software called Poynt OS that is designed to run on a wide range of smart payment terminals.
The company expects Poynt OS to be integrated with at least 50% of the largest global payment terminal manufacturers by the end of 2019. The funding will help it target new markets in Asia, Europe and South America, grow its talent base and invest in product and partner development.
Stanford-Start X Fund participated in Poynt’s $28m series B round in 2015, which was led by VC fund Oak HC/FT and backed by internet and technology conglomerate Alphabet’s GV subsidiary, Matrix Partners, Webb Investment Network and Nyca Partners.
Poynt had already closed a series A round of undisclosed size the year before backed by GV, Matrix, Nyca and Webb Investment, though Forbes reported that the series B round subsequently took its total funding to $33m.