Payments tech firm ePOS raises crowdfund target
A payments technology firm serving the hospitality trade has raised its crowdfunding target after hitting a £500,000 goal within minutes of going live.
The owners of ePOS Hybrid are now aiming for £2m and are giving members of the public a chance to get involved. It was not stated how much was committed to the latest fund-raising before it went live.
The technology start-up, which launched in Edinburgh and also has an office in London, has grown rapidly in the past two years.
Commenting on hit the half million mark, founder Bhas Kalangi said “This has blown away our expectations and is a real tribute to everything the team has achieved in the past two years.
“Despite the pandemic having considerable impact on the hospitality sector, our technology has scaled impressively in the past 24 months with a 400% increase in our client base and 2,000% increase in the volume of transactions being processed by our platform.
“We knew the crowdfunding round had huge potential, because of the interest and conversations we’ve been having with investors over the past six months. It is reassuring to see that interest has turned into financial backing.
“We could simply close the funding round now, but we know there are still many individual and smaller scale investors who would love to be involved, particularly as the next stage of our growth will be to scale internationally.
“Therefore, we are going to extend the crowdfunding process to mid-June. It may be ambitious to set the new target at £2m but it feels like the right time to set the bar high.”
The latest investment opportunity is being offered through the Crowdcube platform which the firm used to raise seed funding in early 2020, when it achieved 145% overfunding, smashing the original £250,000 target.
During the past two years, ePOS Hybrid’s technology has processed more than £97 million of transactions for UK businesses, has expanded their user base to over 900 UK locations and more than 7.5 million consumers have used its products to order a meal or buy a round of drinks.
The firm has a number of new products in development which are scheduled to launch in the months ahead. The secured investment will enable ePOS Hybrid to roll out its tech to more businesses in the UK, support international expansion into new territories, such as India, and enable further innovation.