Mobile payment solution startup Mswipe raises Rs 219.8 crore in new funding round

Payments startup Mswipe Technologies has raised Rs 219.8 crore in Series E round, will use the new funds to shore up business operations.

Mumbai-based payments startup Mswipe Technologies has raised Rs 219.8 crore in a new round of funding from US-based hedge fund Falcon Edge, Facebook Co-founder Eduardo Saverin’s B Capital Asia, late-stage technology investment firm Epiq Capital and consumer-focused fund DSG Consumer Partners, according to RoC filings.

According to the filings, B Capital Asia invested close to Rs 69.99 crore, followed by DSG Consumer Partners, who invested Rs 20.91 crore. The filings revealed that Epiq Capital put in Rs 36.17 crore, Epiq Capital B invested Rs 34.99 crore, and Falcon Edge put in Rs 56.91 crore, in this round.  

Manish Patel, Founder and CEO, Mswipe

This round comes after the mobile Point-of-Sale (PoS ) company closed its $41 million Series D round in 2017. That included prominent investors, including -UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California; Matrix Partners India; and existing investors Falcon Edge Capital, DSG Consumer Partners, and Eduardo Saverin’s B Capital Asia.

Also read: Mswipe bags $31M in Series D funding, Axis Bank sells off 8pc stake in firm

Prior to that the company raised Series C funding of $25 million which saw participation from Falcon Edge Capital, Ola Cabs, and Meru Capital. 

Founded in 2011 by Manish Patel, Mswipe is a mPOS network provider, which enables small and medium-sized enterprises to enable card-based payments through their mobile devices. The setup includes a card reader that can be attached to the merchant’s mobile device through the headphone jack, converting the smartphone into a card-accepting PoS device.

Also read: Facebook co-founder’s B Capital makes first investment in India, leads $10M funding in Mswipe

The company also enables merchants to accept digital payments, including UPI, Bharat QR, and BHIM payments.     

The Mswipe funding comes at a time when competitor Pine Labs has been raising capital consistently from the market. Last year, Singapore-based Temasek, along with PayPal, invested $125 million in payments service provider Pine Labs, which took its valuation over $1 billion. In March, Pine Labs announced its $82 million funding round, led by Actis Capital, and new investor Altimeter Capital.