Mswipe builds omnichannel payment acceptance products — POS devices, UPI, QR codes and payment links — on a full-stack technology platform for merchants, enterprises and banking partners. The company plans to expand its merchant payment network and invest in technology infrastructure and product development to serve offline merchants. RBI approval of a payment aggregator (PA) license strengthens its ability to offer integrated omnichannel solutions. Operating revenue grew from Rs 241 crore in FY22 to Rs 274 crore in FY23 (13.69% growth), while losses fell from Rs 90 crore to Rs 49 crore (a 45.36% reduction). Mswipe has been EBITDA-profitable for the past five quarters. The company has backing from investors including Matrix Partners, B Capital, DSG Consumer Partners and Ola and has raised over $125 million to date. Mswipe Technologies Pvt. Ltd makes point-of-sale (PoS) machines for merchants. The company announced it raised $10 million from B Capital Group and DSG Consumer Partners. The funding closed its Series D round. The article does not disclose any revenue, user, or other operating metrics. No future plans, valuation, or use-of-proceeds details were provided in the article. Mswipe Technologies is a point-of-sale payments venture operating in India. The company was the subject of a reported funding round that raised $31 million. The round was led by UCRNT Fund. UCRNT Fund is described as a joint investment vehicle sponsored by Tata Sons Chairman Emeritus Ratan Tata and the University of California. The article headline also notes that Axis Bank exited. No additional operating metrics, use of proceeds, or instrument details were disclosed in the report. Mswipe provides mobile phone–based PoS solutions and a card reader that attaches to any phone via a 3.5mm headphone jack to enable card acceptance for small merchants. The company targets SMBs and offers a mobile PoS service and card-reader hardware that converts phones into card acceptance devices. Mswipe plans to expand its merchant-aggregator business and acquire more customers, aiming to serve 1 million merchants across 400 Indian cities and towns. The capital from the latest round will be used to grow that merchant footprint and build a financial services platform for SMEs. The company was founded in March 2011 by Manish Patel and is based in Mumbai. Prior funding rounds include a $10M Series B led by Matrix Partners and DSG Consumer Partners with Axis Bank participation, a Series A in January 2013 led by Matrix Partners, and an angel round in 2012 involving investors such as Deepak Shahdadpuri and Praveen Chakravarty. Mswipe offers a mobile POS device and associated services that let small and mid-sized merchants accept regular debit and credit cards on smartphones with security and speed comparable to conventional POS terminals. The solution targets brick-and-mortar stores as well as non-traditional merchants such as insurance agents and home delivery service providers. Merchants can access transaction records on their mobile phones and a range of online reports. Mswipe has partnered with Prizm Payment Solutions and Axis Bank to provide a comprehensive card-acceptance service. The company employs about 40 people and operates a pan-India direct sales agent network to provide after-sales support. Matrix Partners India has made a first-round investment in the business.

Total raised

$86M

Funding rounds

5

Latest round

Equity

Latest activity

Feb 2024