Mswipe raises Series C funding of $25 million
Mumbai, India - July 22, 2015: Mswipe Technologies Private Limited, India's largest independent mobile POS merchant acquirer and network provider, today announced that it has closed their Series C funding of US $25 million. The Series C round included participation from new investors Falcon Edge Capital, Ola Cabs and Meru Capital as well as existing investors Matrix Partners India, Axis Bank and DSG Consumer Partners. Mswipe will use the funds to further accelerate its aggressive growth and customer success.
Mswipe has a track record of delivering industry defining MPOS terminals. Mswipe launched the first mobile POS solution in India in 2012 with a card reader which could be attached to any mobile phone's audio (headset) jack. Building on their product innovation strength, the company launched the first EMV Chip & Pin compliant mobile POS solution - WisepadTM in December 2013 and the world's first SmartPOS an Android phone which can be used for card payments - WiseposTM in June 2015. Mswipe closely works with smaller banks such as Corporation Bank, Ratnakar Bank, SVC Bank and also large banks like Axis Bank. Mswipe is also present in the Middle East, US and SE Asia through partnerships.
"We believe in serving the smallest of merchants. India currently has 12-15 million SMEs and mobile POS is the only channel which can efficiently link these SMEs to mainstream financial services. Today less than 500,000 SMEs have any type of POS. Mswipe aims to provide seamless mobile POS solutions to 1 million merchants across 400 Indian cities and towns and create India's largest financial services platform for SMEs. We invite all stakeholders in the financial services and technology ecosystem to partner with us to offer best in class financial services to small merchants" said Manish Patel, Founder and Managing Director, Mswipe
"Mswipe has demonstrated exceptional growth and is well poised to be the category defining mobile only, financial services platform for SMEs. The company has a highly innovative business model based on its product innovation edge, cost effective mobile solutions and a significant nationwide sales capability. Manish has extraordinary entrepreneurial capabilities and we look forward to a continued close partnership in the journey ahead." said Rishi Navani, Managing Director, Matrix India
"Using a debit or credit card for payment is becoming the norm yet millions of merchants in India do not have access to the network and systems to accept such payments. Since first backing Mswipe in 2012, we have seen the impact Mswipe has had, helping SMEs accept payments, save time and offer convenience to their customers. Small businesses are a very important component of the Indian economy and Mswipe is helping these businesses grow." said Deepak Shahdadpuri, Managing Director, DSG Consumer Partners.
Mswipe is a Mumbai-based merchant acquirer and mobile POS solutions provider. Mswipe currently employs over 400 people and has a pan-India direct sales agent network to provide after sales support to its customers. The entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway and encrypted card reader, has been developed in-house by Mswipeâ€™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 WisepadTM and WiseposTM is the first EMV, PCI-PTS and NFC compliant mobile POS to be launched in India. The solution is already in use with more than 25,000 merchants across India. Further information is available at www.mswipe.com
About Falcon Edge Capital:
Falcon Edge Capital was founded in 2011 by Rick Gerson and Navroz Udwadia. Falcon Edge Capital utilizes fundamental research and knowledge of local markets and industries to identify asymmetric risk-reward investment opportunities.
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in mobile internet companies at the seed, early and early growth stages. The firm has invested in several market leading companies including Ola (local transportation marketplace), Quikr (online classifieds), Newshunt (mobile local language platform), LimeRoad (mobile social commerce marketplace), Practo (doctor search engine), Stayzilla (short term accommodation marketplace), TinyOwl (food ordering app) and Woo (social matchmaking) among others. 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
About DSG Consumer Partners
DSG Consumer Partners is an investment company focused on identifying, selecting and investing exclusively in early stage consumer businesses in India and South East Asia. DSGCP will primarily take minority equity positions in unlisted companies but will consider control deals with the right management team. DSGCP has the flexibility to provide capital for growth and to provide liquidity to founders and shareholders via secondary transactions. The founders have built a track record of investing for the long term with an investment horizon of 6 to 10 years. Companies funded and backed by the founders since 2004 include Sula Wines, Saffronart, Cleartrip, Redmart, OYO Rooms, Zipdial, Bakers Circle, Veeba, Social, Smoke House Deli, Furtados School of Music, Mswipe, Saraf Foods, Exito Gourmet, Suzette, Chope, GOQii and Eazydiner. https://angel.co/dsg-consumer-partners
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