Eleos takes $2.2m for point-of-sale technology

Singapore-based point-of-sale (POS) technology company Eleos has received S$3m ($2.2m) in funding from telco M1’s subsidiary M1 TeliNet.

Eleos operates POS solution Octopus, which provides software for retail, food and drink and e-commerce companies. The company’s software combines its POS system with order management, payments, inventory and reporting functions.

M1 says the deal will be funded by internal cash and as such will not impact the firm’s net assets or earnings per share.

The deal follows Eleos partnership announcements with Wirecard to accept mobile-POS card transactions and CIMB Bank to provide support services, such as credit facilities and online banking to users.

In April Eleos reported around 400 clients across Singapore and South-East Asia.

Copyright © 2016 FINTECH GLOBAL

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