Payment Fintech Startup Mswipe Raises USD 20 Mn From Alpha Wave Ventures and Others The Mumbai-based startup plans to use the raised funds to increase its merchant payment network, and further strengthen product development and technological infrastructure.
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Mswipe Technologies, a digital payments startup focused on SMEs, has announced the raising of USD 20 million in primary growth equity capital from its existing investors.
Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola are some of its major investors.
With the raised funding, the startup aims to increase its merchant payment network, and further strengthen product development and technological infrastructure.
The funding comes immediately after the Reserve Bank of India (RBI) approved a payments aggregator license to the company earlier this month, along with 10 other companies.
Founded in 2011 by former CASHe CEO Ketan Patel, Mswipe Technologies is an omni channel digital payments platform providing a host of offline and online payment acceptance solutions to merchants across categories across all regions. It offers services such as mobile POS solutions, transaction processing, POS loans and smart POS terminals.
As per the official release, over the last 13 years, with a merchant network exceeding half a million, Mswipe has been a pioneer in introducing businesses and merchants to multiple innovative payment solutions, thereby enabling the expansion of the digital payment footprint across metros, mini-metros, small towns, and cities in the country. The company claims to be profitable at an EBITDA level for the last five quarters.
