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Mswipe Technologies, a Mumbai-based independent merchant acquirer and network provider, has raised $31 million in Series D funding.
UC-RNT Fund — a joint venture between Ratan Tata’s RNT Associates and University of California — along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners, participated in the round.
The company will use the funds to develop a network of merchants accepting digital payments in the country.
Mswipe has a payment network of 2,46,000 terminals across 550 cities. The annualised value of total transactions enabled by Mswipe stands at ₹9,560 crore.
Nearly 80 per cent of Mswipe’s customer base comprises SME merchants, typically supported by 1-30 employees.
Manish Patel, founder and CEO, Mswipe said:“With merchants of all sizes actively looking to enable digital payment acceptance at their establishments, we expect to grow exponentially, create card and electronic payment acceptance infrastructure across cities and widen our user base.”
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