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Mswipe Technologies Private Limited, an independent merchant acquirer and Point of Sale (POS) network provider, on Wednesday announced the closing of Series D round above US$40 million, including $31 million raised earlier in June.
The latest investment round was led by B Capital Group, a global tech fund that invests in pioneering fintech, healthcare, industrial logistics, and consumer enablment companies, together with Mswipe’s existing investor – DSG Consumer Partners. Eduardo Saverin, Partner at B Capital and co-founder of Facebook, will join Mswipe’s Board and work closely with the company as it enters its next phase of growth. Other investors who participated in the Series D funding include UC-RNT Fund, Matrix Partners India and Falcon Edge Capital.
The capital raised will support Mswipe’s continuous effort in expanding Mswipe’s acceptance network at retail merchants for card and digital payments and strengthen its product development capability.
Commenting on the fundraise, Manish Patel, Founder and CEO, Mswipe said, “At Mswipe, we are at the forefront of the payments revolution by powering acceptance infrastructure at the merchants’ end, enabling them to accept card and digital payments in a hassle-free manner. B Capital’s expertise in the sector and its exceptional network in Asiawill be an important ingredient as we shift orbit and execute our next phase of growth.”
Mswipe is addressing a large market estimated at 14 million merchants with low POS penetration. Since its inception in 2011, the company has established a network of 280,000 terminals spread over 650cities and towns in the country. Mswipe’s omni-channel platform offers merchants an easy and efficient way to accept digital payments like UPI, Google Tez, PhonePe, BharatQR, and BHIM in addition to card payments using Mswipe’s payment terminals, mobile phones, tablets or PC’s. Nearly 80 per cent of Mswipe’s customer base comprises SME merchants, typically supported by 1-30 employees.
“We have been actively looking at investment opportunities in leading technology companies in Asia and are excited to partner with Mswipe, an end-to-end payment solution that is made for India. Our philosophy at B Capital is to back exceptional founders and teams like the one at Mswipe and market leaders where we can leverage our global network to help accelerate their growth” said Kabir Narang, Partner at B Capital.
Headquartered in Mumbai, Mswipe has a 2,000 people strong pan-India sales and support network. The entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway, automated settlement and mobile POS terminals, has been developed in-house by Mswipe’s development team. Mswipe's proprietary Wisepad G2 is the first standalone EMV, PCI-PTS and NFC compliant mobile POS to be launched in India. The company has raised a sum of over $60million from marquee investors like B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners and DSG Partners.
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