Matrix Partners India today announced that it has led the first institutional round of funding in Mswipe Technologies Private Limited. Mswipe is an early leader in providing cost effective point of sale (POS) solutions which enable merchants to accept debit and credit card payments using their Android, iOS or notably feature phones. In 4 months since going live Mswipe’s POS terminals have been deployed in over 200 cities and towns across India.
“Mswipe enables small and mid-sized merchants to accept regular credit and debit cards on their mobile phones with the same security & speed as conventional POS terminals at a very affordable price point and competitive card interchange fees. Other than conventional brick and mortar stores, Mswipe’s solution enables card acceptance by insurance agents, home delivery services providers etc. Merchants have access to their transaction records on their mobile phones as well as a host of online reports.” saidManish Patel, Founder and Managing Director, Mswipe
“Mswipe is an early leader in creating a low cost, mobile POS infrastructure in India. Manish has extraordinary entrepreneurial energy and insights into the challenges faced by small and mid-size merchants, and we are excited to be his partners. This opportunity is at the cross section of financial services and mobile, two important focus areas for Matrix India.” said Rishi Navani, Managing Director, Matrix India
Earlier this year, Mswipe was looking to raise about 5 million USD in funding. While the size of funding hasn’t been mentioned, we have reached out to Matrix for a statement on this and more questions.