Mswipe Technologies secures $20M in growth equity from existing investors
The funding comes right after the RBI granted a payments aggregator license to Mswipe earlier this month, along with 10 other companies.
Mswipe Technologies, a Point-of-sale (POS) service provider and device manufacturer, raised $20 million in primary growth equity capital from its existing investors.
With the fresh round of funding, the fintech company will increase its merchant payment network and strengthen its product development and technological infrastructure, said on Tuesday.
Mswipe’s key investors include Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. As per data, the payments service provider had raised $106 million in nine rounds.
"Over the last 13 years, with a merchant network exceeding half a million, Mswipe has been a pioneer in introducing businesses and merchants to multiple innovative payment solutions, thereby enabling the expansion of the digital payment footprint across metros, mini-metros, small towns, and cities in the country. The company is profitable at an EBITDA level for the last five quarters." the company said in a statement.
The funding comes right after the Reserve Bank of India (RBI) granted a payments aggregator license to the company earlier this month, along with 10 other companies. Earlier in 2022, it had received an in-principle approval from the RBI.
Mswipe Technologies provides digital solutions to merchants, offering services such as mobile POS solutions, transaction processing, POS loans, and smart POS terminals. It was founded in 2011 by former Cash-e CEO Ketan Patel, who now serves as the managing director of Mswipe.
Edited by Suman Singh