Poynt, a smart payment terminal manufacturer, has secured $28 million in Series B round of funding led by Oak HC/FT along with Stanford-StartX Fund, Google Ventures and other existing investors.
Founded couple of years ago, the startup Poynt has built a smart payment terminal fitted with features like a touchscreen, hybrid card reader, barcode scanner and near field communication reader and dedicated security chip. The Poynt Smart Terminal works on the trend of tablets being used as the point of sale, having two touch screens, the ability to combine with the prevailing payment systems and the ability to accept the latest payment technologies, which Poynt claims it a “future-proof multi-purpose device.”
Ann Lamont from Oak HC/FT who joined the Poynt’s board of directors said, “Poynt is one of those rare companies that is aligned with the interests and needs of all parties in its ecosystem; it solves multiple merchant, bank, developer, and consumer problems with stellar technology and design, and it benefits from impeccable timing.”
With the fresh funds, Poynt plans to use it to support shipment of the brand’s smart payment terminals. The products of the company covers a vast range of transaction methods, from wireless tapping to card swiping. Bluetooth and NFC antennas also a QR/barcode scanner are available for seamless coverage. It also plans to strengthen its team with adding in more people to its team.
Osama Bedier, founder and CEO of Poynt said, “Many said that certifying the Poynt Smart Terminal would be impossible because of the complexity involved with introducing such a fundamentally different payment terminal — two screens, touch PIN pad, connectivity, computing power, third-party apps — but we worked closely with the certification bodies so that we could deliver a device with the highest level of security that also meets the needs of today’s merchant.The Poynt Smart Terminal offers functionality that was previously unimaginable in a remarkably sleek, simple, and affordable device. With certification, Poynt can now give millions of merchants their iPhone moment.”
As all-in-one solution, the device comes equipped with a printer, panel, register and terminal. This does not require a new or extra tablet or smartphone to start using the service. It has partnered with Chase, Vantiv, Bigcommerce, Kabbage, Swarm and Intuit to integrate thrid-party apps with them.