|Mumbai, India – February 3rd, 2014: Matrix Partners India today announced that it has significantly increased its investment by leading the second institutional round of funding in Mswipe Technologies Private Limited. Other investors in the round included Axis Bank and DSG Consumer Partners.
Mswipe launched the first mobile POS solution in India in 2012 with a card reader attached to the mobile phone’s audio input jack. Building on their product innovation strength, the company has launched the first EMV compliant mobile POS solution – Wisepad - in December 2013. The Wisepad is bluetooth-enabled and will require no physical connection to the phone. Using the Wisepad, merchants can accept credit and debit cards with the same security and speed as conventional POS terminals, at a very affordable price point and competitive card interchange fees. Mswipe will partner with leading banks to deploy these terminals at small and mid-sized merchants across the country and continue innovating on front-end POS technology to help make businesses more effective.
“We believe there is a large market opportunity with small merchants craving cost-effective mobile payment terminals and adopting front-end POS technology. We will provide seamless and affordable mobile POS solutions directly to merchants in 200 Indian cities as well as work with partners like insurance agents, home delivery etc. Our aim is to continuously innovate and provide world-class products and best-in-class payment as well as retail POS solutions to small merchants” said Manish Patel, Founder and Managing Director, Mswipe
"Mswipe has made significant progress since our seed investment in becoming the category defining mobile POS solutions company. We continue to believe there is a large market opportunity in creating a cost-effective POS infrastructure. Manish has extraordinary entrepreneurial energy and we look forward to being his partners as the company’s product innovation edge is extended into a widespread distribution footprint.”said Rishi Navani, Managing Director, Matrix India
Mswipe is a Mumbai-based mobile payment terminal and front-end POS solutions provider. Mswipe currently employs over 100 people and has a pan-India direct sales agent network to provide after sales support to its customers. The entire POS solution comprising of mobile application on multiple mobile platforms, payment gateway and encrypted card reader, has been developed in-house by Mswipe’s development team. Mswipe is the only mobile POS solution provider which has the entire range of mobile POS swipers / terminals from magnetic stripe-only readers to fully certified Chip & Pin readers. Mswipe’s proprietary Wisepad is the first EMV & PCI-PTS compliant mobile card reader to be launched in India. The solution is already in use with ~ 6,000 merchants across India and ~ 1,000 merchants in Sri Lanka. Further information is available at www.mswipetech.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies including Verse/NewsHunt (vernacular mobile platform), U2opia (social mobile apps), Quikr (online classifieds), Centre for Sight (eye care), Cloudnine (maternity and infant care chain), Muthoot Finance (gold loan NBFC), and TreeHouse Education (preschools). Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in