Mswipe receives USD 31 million fresh funding, looks to expand market

Mumbai-based Mswipe Technologies, a point of sale solutions company today raised USD 31 million in Series D round of funding.

The funding round saw a participation from Ratan Tata-backed UC-RNT fund along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners.

The company has raised close to USD 66 million so far, including this investment.

With the infusion of fresh funds, the company aims to develop the largest network of merchants accepting digital payments in the country.

In order to tap the cashless payment market Manish Patel, founder and CEO of Mswipe said, “we expect to grow exponentially going ahead, create card and electronic payment acceptance infrastructure across cities and widen our user base.”

The company currently has a payment network of about 2,46,000 POS terminals spread across more than 550 cities through which it enables transactions worth of Rs 9,560 crore annually.

In May 2017, more than 233 million transactions were made through POS terminals, two and half times the transactions from digital wallets and the transactions were valued at Rs 451 billion, eighteen times the value of transactions through digital wallets, according to RBI data.

The company is also developing Android based smart POS terminals that will be capable of rendering inventory management and GST compliant bills.

Merchants will be able to develop customised Android applications and easily integrate Mswipe’s payment platform with such apps using these POS terminals.