Under the deal the bank's corporate venture capital fund, NAB Ventures, has invested in the Series C raise, along with another strategic partner, US card transactions provider Elavon.
“We’ve been very impressed with the calibre of the team at Poynt and the innovation of their smart payment terminals,” said Melissa Widner, general partner, NAB Ventures.
“As Australia’s largest business bank with a large merchant customer base, NAB is always looking at new initiatives that are coming into the market and assessing whether they could help us provide improved experiences to our customers.”
According to Poynt, its OS creates a new app economy for merchants by allowing developers to write once and distribute everywhere.
“Based on Android, it is hardware-agnostic and seamlessly plugs into new and legacy retail software systems, allowing merchants to extend their capabilities with third party and custom apps. The company expects Poynt OS adoption on at least half of the world’s top payment terminal manufacturers in 2019,” Poynt says in a statement announcing the capital raise.
“Smartphones changed the way we search, buy and communicate – not only because the hardware was beautiful, but because iOS and Android transformed a ubiquitous utility into a platform for innovation where developers could build once and distribute everywhere,” said Osama Bedier, founder and chief executive of Poynt.
“Our vision is to transform retail by becoming that innovation platform for payment terminals everywhere. We give developers a technical canvas to build the omnichannel experiences merchants and their customers have come to expect – and ultimately, make visiting your local store the personal experience it was always meant to be.”
Recognising the lack of smart terminals in the market, Poynt says it has invested five years of research and development to reimagine “the ubiquitous payment terminal into a connected, multi-purpose device that runs on an open platform”.
Poynt cites a report by The World Bank, showing that global world product is expected to exceed $85 trillion this year, with more than $22 trillion occurring on payment cards.
According to the report, more than 176 million payment terminals are expected to ship by 2020.
“Common standards create huge new markets. In the same way iOS and Android drove smartphone ubiquity and transformed mobile into a $3 trillion market, Poynt now aims to transform commerce with an open OS for any smart payment terminal, on every store countertop in the world,” Poynt says.
“Elavon has been a leader in payment processing for over 20 years because of our dedication to helping our customers grow by providing some of the most innovative payments technology on the market,” said Jamie Walker, chief executive of Elavon.
“We have a strong and trusted partnership with Poynt, and we are excited to support this next phase of the company’s growth.”