Startup Point Of Sale Operating System Poynt Raises $100M

Poynt, a startup that builds a point-of-sale operating system on which merchants can plug in third-party apps, has raised $100 million in venture capital funding from backers including Alphabet Inc GOOGL GOOG's Google Ventures, National Australia Bank, NYCA Partners and Oak HC/FT Partners.

The company is also a hardware provider, and claims to have shipped 150,000 smart POS terminals in the last 16 months.

Innovation In Payments 

Poynt made repeated comparisons to the development possibilities smartphone operating system ecosystems created for mobile developers.

Poynt's operating system "re-imagines the ubiquitous payment terminal into a connected, multipurpose device that runs on an open platform," according to the company. 

To learn more about other companies in the space, check out the Benzinga Fintech Summit, a gathering of the top leaders in payments, lending, capital markets, blockchain and cryptocurrencies in San Francisco Nov. 14.

The operating system connects third-party apps to a POS system, allowing merchants to add digital ordering systems, gift card programs, inventory management and other functions.

“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 CEO 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 experiences merchants and their customers have come to expect."

Bank Partnerships 

Poynt partners with banks in order to bring merchants into its development ecosystem. The company said it's signed partnerships with leading banks like JPMorgan Chase & Co. JPM and U.S. Bancorp USB. 

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Poynt CEO Osama Bedier. Courtesy photo.