Sequoia Capital has invested additional $8 Mn in Chennai-based Prizm Payment Services Pvt Ltd.

Prizm will use the funds for setting up more ATMs. With the current investment, Sequoia has invested a total of $15 Mn in the company, with a $7 Mn funding in the first round in 2008.

Transaction Reference: Livemint

Founded in 2005 by Loney Antony, Shyam Sunder, Srinivas Rao and Raghu Nathan, Prizm Payments provides secure payments services for financial institutions, retailers, and service providers, across multiple electronic channels.

It is engaged in setting up ATMs and PoS networks for banks and retailers and currently offers ATM/PoS services in 70 locations and manages over 3,500 Electronic Transaction Terminals (ATMs, Kiosks and other financial institution devices).

In 2009, Prizm acquired the point-of-sales (POS) platform of Reliance Money. The deal allowed Reliance Money to exit the PoS space inorder to focus on its core business of selling financial products.

In the similar space, mChek had raised $8 Mn from Nexus India Capital and DFJ India in 2009; Itz Cash Card had raised $10 Mn from Matrix Partners, Intel Capital and Lightspeed Venture Partners in 2009 and in 2007 BillDesk raised $7.5 Mn from Clearstone and other investors.

In May this year, 3i Infotech sold its global billing and payments unit to US-based PE firm Cerberus Capital Management for $137 Mn.

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