Poynt Announces $28 Million in Funding as It Prepares to Ship the World’s First Smart TerminalOct 21, 2015
Company Adds Even More Fire Power with Key Executive and Board Appointments
Palo Alto, CA – October 22, 2015 – Poynt is on a mission to put a Smart Terminal on every retail counter to fix our aging commerce infrastructure and bridge the gap between consumer expectations and the merchant's ability to address them. To this end, we’ve made huge strides from the early prototype we announced last year to a hardened, secure, and certified product today.
A mission of this scale requires significant investment from partners who share our passion and commitment to this vision. We’re excited to share that a few months ago we raised our second round of funding. The $28 million Series B round was led by Oak HC/FT with participation from Stanford-StartX Fund along with our Series A investors. This investment has enabled us to accelerate manufacturing, grow our team, and scale our operations to address the full opportunity as we begin shipment of our Smart Terminal.
Ann Lamont from Oak HC/FT has joined the Poynt board and Patricia Kemp from Oak HC/FT will also join as a board observer. Together they bring a deep background, great connections, and a proven track record in the financial services space. Ann is also a veteran of the Forbes Midas List as a top healthtech and fintech investor. She noted:
“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. What Poynt has been able to accomplish, building both hardware and software in the notoriously challenging payments space, is simply incredible.”
Poynt has added a number of other top executives as well. We hired Tony Miranz, one of the best business development people in Silicon Valley, as COO. His ability and experience to pull together complex deals in both domestic and international markets is unmatched. We also added Aaron Leiba, who ran wearables at Intel as VP of hardware engineering. Aaron has a long history of developing hardware products that take advantage of software at pioneering companies like Google, Palm, and Apple. And, we added a VP of software development -- Musaab At-Taras, a former PayPal executive who led the build out of PayPal’s payment platform.
Talent has been our secret sauce. As a result, this team has made amazing progress over the past two years, and our new additions prepare us for significant scale.
As we execute against our vision, we are confident that with additional financing, a new board member with years of leadership experience, and an all-star team, we are ready to pave the way for a new era of connected commerce.