TallOrder, a South African startup developing superior cloud-based point of sale (POS) solutions for small and medium-sized businesses (SMBs), has raised an additional US$3.1 million in Series A funding to expand operations and product development.
Existing investors, including Investec Private Capital, as well as a consortium led by Africa-focused fintech investment firm Nurture Investment Management, participated in the latest funding round.
TallOrder has now raised a total of US$5.3 million in funding.
TallOrder’s point-of-sale platform, launched in 2014, is compatible with prominent payment services such as SnapScan, Zapper, MasterPass, Yoco, ThumbzUp, MTN MoMo, Innervation, African Resonance, NetCash, DPO, and PayFast.
“Creating a powerful, feature-rich, and broadly adaptable cloud POS solution requires significant development effort, both financially and time-wise. Investors have been eager to invest in the next generation of cloud-based point-of-sale systems, owing to the enormous worldwide market and massive growth prospects,” stated Dana Buys, CEO, and co-founder of TallOrder.
“We are thrilled to make this large investment alongside Dana and the existing shareholders in what we feel is a category-defining software-as-a-service company. We look forward to assisting TallOrder’s African and eventually global expansion over the coming few years,” said Tatenda Mutizwa, co-founder and managing partner of Nurture.
There are many businesses in South Africa and other African and Asian countries where the startup has been set up.
The startup now plans to grow even more after getting more funds in its first round of funding.