Since 2013, we’ve pursued a vision to empower merchants with technology superpowers. Recognizing the lack of smart merchant devices in the market, we decided to reimagine the ubiquitous payment terminal into a connected, multi-purpose device that runs on an open platform. To-date, nearly 30 million consumers and over 100,000 merchants have interacted on a Poynt device... and we’re just getting started.
Today, we announced a $100 million series C round, bringing our total funding to $133 million. This represents an important milestone for Poynt as we pursue an even greater vision – to become the de facto operating system for payment terminals worldwide.
To demonstrate why point of sale needs a universal operating system, look no further than the mobile market. Mobile phone manufacturers used to rule the market, with fiefdoms of proprietary hardware and software that made it extremely difficult to develop apps on top of them. iOS and Android came along and changed all that. These platforms worked the same way on every device and in every market around the world – developers could build apps once and distribute them anywhere. Having an open OS unleashed innovation and transformed the phone from a dumb utility to the center of the modern lifestyle. It also ushered in a new era of billion-dollar businesses and contributed to mobile becoming the $3 trillion market it is today. Oddly, physical stores are still stuck running mostly on glorified calculators.
At the same time, commerce is going through the biggest change in its history. We’ve seen 100 years of retail innovation – from the cash register, to the big box format, to online shopping. E-commerce won price and selection forever, so physical stores must win on experience. The era of experience retail has arrived.
Merchants understand the world has changed, but they haven’t been able to take action, because legacy technology was holding them hostage. They rely on old payment terminals and rigid retail infrastructure. We envision a world where the terminal is no longer just a point of sale device: it’s a client service device that gives merchants technology superpowers.
Can I pay with points? Why don’t you already know who I am? Can you pull up my online order? Do you have this in inventory? Can I exchange this item? Can you ship it to my home?
This is just the beginning of what we can enable with a universal operating system that powers enterprise payment hardware. As a canvas for innovation, merchants will soon have access to technology and services we haven’t even imagined to help them grow their businesses.
Global world product will exceed $85 trillion in 2018, with more than $22 trillion of that being spent on credit cards. Mobile and alternative payment growth continues to accelerate, especially in markets across Asia Pacific. More than $200 billion per year is spent on retail technology today, and 176 million payment terminals are expected to ship by 2020. The convergence of experience retail with the availability of smart technology makes it the perfect time to pursue this vision – our vision.
With an open ecosystem and digital distribution, we will partner with banks, digital wallets, ISOs, ISVs and developers to push down new superpowers to every cashier and store associate -- transforming a $200 billion retail tech market into a $1 trillion opportunity, and giving their consumers much better experiences.
We are excited and grateful to our newest investors including Elavon and National Australia Bank. Both are leaders in innovation on behalf of their customers, and we look forward to their partnership as we continue our rapid growth and expand into new markets across Asia, Europe, and South America. Together, we can give merchants the tools they need to finally match consumer expectations with technical ability – transforming commerce as we know it into the personalized experience it was always meant to be.
These are exciting times for us at Poynt – but as we always say, this is just the beginning.
Founder and CEO, Poynt