Poynt, the payments company founded by the former head of Google Wallet, is out fundraising, three sources said.
The Palo Alto, California, company is seeking $50 million with its latest round, the people said. FT Partners is advising, two of the sources said.
Osama Bedier is also the former vice president of product development at PayPal. He launched Poynt in 2013 with a mission to “fix broken commerce infrastructure.” Poynt provides a point-of-sale device, the Poynt Smart Terminal, that can accept both old and new payment methods, PYMNTS.com said.
Oak HC/FT led a $28 million round for Poynt in 2015. Stanford-StartX Fund participated. Matrix Partners invested in Poynt in a 2014 Series A, according to Crunchbase. Terms of the Series A weren’t disclosed.
Other investors include Webb Investment Network, Nyca Partners and Google Ventures.
The POS market is crowded and Poynt has already raised “pretty big money,” one PE executive said. “There are literally 50 POS’s out there,” and their challenge is to differentiate themselves, the source said.
FT Partners also advised Pivotal Payments. On Sept. 27, Novacap and Caisse de dépôt et placement du Québec said they invested in Pivotal, valuing the company at $430 million.
Executives for Poynt, Oak HC/FT, Stanford-Start X, Matrix, Nyca Partners and Google Ventures could not be reached for comment.
Action Item: Contact CEO Osama Bedier at +1 650-600-8616
Photo of Osama Bedier sourced from the Poynt website.