Mobile Payment Solution Startup Mswipe Raises $30M in Series E Round

Mswipe Technologies Private Limited, India’s largest independent merchant acquirer and Point of Sale (POS) network provider, announced today that it has raised $30 million in a series E round of funding. Currently, the company has well over 400,000 merchants on its platform. Apart from expanding its existing line of mPOS hardware terminals, the company has expanded its offering with smart POS terminals and UPI QR codes. A bulk of the Series E round of $30 million from existing investors Falcon Edge, B Capital, Epiq Capital and DSG Growth Partners will be deployed towards new initiatives. Matrix Partners India continues to stay invested in the company.
Manish Patel, founder and CEO, Mswipe said, “2019 marks our move into the next orbit of growth. We expect to be serving well over a million merchants by this time next year, making us one of the largest and most capital efficient merchant acquirers in the country. Also, on the anvil are tech powered products that will add significant value to merchants including an app-based ecosystem to help our merchant partners beyond payments. We are big believers in offering merchants access to a merchant-friendly cost-effective open ecosystem.”
Mswipe will drive widespread adoption of Mswipe’s smartPOS – WisePOS PlusTM. The terminals run on the Android OS, enabling retailers to run multiple applications on them, including billing, inventory management and supply chain along with integrated payments. While the deployment of WisePOS has already begun, Mswipe will be offering applications from over 30 of India’s top software developers for small retailers, on the WisePOS platform.
Mswipe allows merchants to accept UPI QR Code payments, check transactions and settlements, manage notifications and record all their sales in a single location. For those merchants who use Mswipe’s POS for accepting payments, this will mean a single point of integration into their existing bank account. The company expects to on-board well over 500,000 merchants for this initiative in the current financial year.
“It’s been an explosive but strategically complex period for Indian payments over the last 18 months. Under Manish’s leadership Mswipe has emerged stronger as a leader in the payments space and it’s been a privilege to have partnered early in Mswipe’s journey. We’re excited about Mswipe’s vision on building India’s largest payments acquiring network and providing unique financial products for SMEs,” commented, Vikram Vaidyanathan, Managing Director, Matrix India