Mswipe Technologies Private Limited, India's largest independent POS merchant acquirer and network provider, today announced funding of INR 200 crore. UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners invested in the round. The company will use the funds to develop the largest network of merchants accepting digital payments in the country.
Mswipe currently has a payment network of over 2,46,000 terminals spread across 550+ cities. Over 80% of Mswipe’s customer base comprises of SME merchants that have been able to accept credit and debit card payments for the first time through Mswipe. The annualized value of total transactions enabled by Mswipe across its network stands at INR 9,560 crores. Last year alone, the transaction value on the Mswipe network grew 4 times while the number of installations grew 3 times. The company recently acquired PayU’s offline POS division, partnered with Samsung Pay, Sodexo and launched BharatQR and UPI acceptance showcasing their ability as an open platform capable of accepting all digital payments.
Commenting on the fund raise, Manish Patel, founder and CEO, Mswipe, said “This round of funding from UC-RNT and our existing investors is an endorsement of our vision to disrupt the merchant acquiring and electronic payment acceptance industry through technology. Merchants across the board are now looking to streamline and automate processes. At Mswipe, we are working towards developing the next generation Android based smart POS terminals that will offer merchants capabilities like GST compliant billing and inventory management with integrated and seamless payment acceptance, on the same device. Merchants can further develop customized Android applications and easily integrate Mswipe’s payment platform with such apps using these smart POS terminals. All this, while ensuring the same level of security and trust for the customers”
Vikram Vaidyanathan, Managing Director, Matrix India said, “Mswipe is the ‘universal acceptance’ solution for all merchants enabling them to accept any payment instrument – cards, wallets, UPI, NFC etc. In a rapidly changing payments landscape, Mswipe’s open technology platform and ability to deliver solutions at the lowest cost sets them apart. We are privileged to be early partners with Manish and team on their journey to create India’s largest digital acceptance network”.
Mswipe is India’s leading independent merchant acquirer and financial services provider. Based out of Mumbai, the company currently employs 2,000 people and has a pan-India sales and support network. The entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway, automated settlement and mobile POS terminals, has been developed in-house by Mswipe’s development team. Mswipe's proprietary Wisepad G2TM is the first standalone EMV, PCI-PTS and NFC compliant mobile POS to be launched in India. The company has raised a sum of over $56 million from marquee investors like Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Axis Bank. To know more, please visit: www.mswipe.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Limeroad (mobile social commerce marketplace), Five Star Finance (SME lending), Belong (recruitment platform) and OfBusiness (B2B marketplace) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in