Poynt completes $28 million series B funding round

October 23, 2015         By: Michael Cheng

Poynt, a startup that specializes in POS hardware and software, announced a successful Series B funding campaign.

Oak HC/FT, a venture capital firm focused on financial technology and medical care, led the round. Other notable investors include Stanford-StartX Fund, Matrix Partners, Webb Investment Network, and Nyca Partners. Google Ventures also participated as an investor during the event.

The startup actually completed the round in May, but did not want to disclose the information to its competitors.

“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,” highlighted Ann Lamont from Oak HC/FT, who also joined the group’s board of directors.

Osama Bedier, a former Google and PayPal executive, founded the Palo Alto-based company. In total, the startup raised over $33 million and is now valued at $188 million.

The newly acquired funds will be used to support the shipment of the brand’s smart payment terminals. Poynt’s offering covers a wide range of transaction methods, from wireless tapping to card swiping. Bluetooth and NFC antennas, as well as a QR/barcode scanner are available for seamless coverage.

The system was built with versatility and security in mind. It complies with the latest PCI and EMV requirements with end-to-end encryption features.

As an all-in-one solution, the device comes equipped with a printer, panel, register and terminal. There is no need to purchase an additional tablet or smartphone to start using the service.

Poynt also welcomes integration via third-party apps with its partners, such as Chase, Vantiv, Bigcommerce, Kabbage, Swarm and Intuit.

“What Poynt has been able to accomplish, building both hardware and software in the notoriously challenging payments space, is simply incredible,” said Lamont.