Home News Fintech company Mswipe raises US$31M to offer mobile PoS solutions to Indian...

Fintech company Mswipe raises US$31M to offer mobile PoS solutions to Indian SMEs

Author

Date

Category

- Advertisement -

Mswipe currently has a payment network of 246,000 terminals spread across 550-plus cities; Around 80 per cent of its customer base comprises SME merchants

Mswipe Technologies, an independent mobile PoS (point of sale) solutions provider, has raised US$31 million in Series D round of funding from a group of investors, including UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. Existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the round.

The company will use the funds to develop a network of merchants accepting digital payments in the country.

The new round takes Mswipe’s total funding raised so far to over US$56 million.

- Advertisement -

Based out of Mumbai, Mswipe offers a mobile PoS solutions comprising a mobile app, payment gateway, automated settlement and PoS terminals. It currently has a payment network of 246,000 terminals spread across 550-plus cities. As much as 80 per cent of its customer base comprises SME merchants.

Also Read: An e-wallet defeats its very purpose; won’t work in India: Mswipe Founder

The company recently acquired PayU’s offline PoS division, and partnered with Samsung Pay and Sodexo.

Mswipe currently employs 2,000 people.

Manish Patel, Founder and CEO, Mswipe, said: “With merchants of all sizes actively looking to enable digital payment acceptance at their establishments, we expect to grow exponentially going ahead, create card and electronic payment acceptance infrastructure across cities and widen our user base.”

Also Read: Angel@77: Meet the 27 cool startups Ratan Tata has invested

Despite the numerous cashless channels today, PoS terminals are still the largest and most widely-used cashless instruments available in India. The number of transactions through PoS terminals stood at 233.4 million in May 2017, according to India’s central bank RBI. Compared to that, digital wallets accounted for 91.3 million transactions. That is a difference of almost 2.5 times in terms of number of transactions.

Image Credit: mSwipe

 

The post Fintech company Mswipe raises US$31M to offer mobile PoS solutions to Indian SMEs appeared first on e27.

Source: e27
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Jewel Changi Airport and passenger terminals closed to the public for two weeks

Singapore -- Jewel Changi Airport and all the Changi Airport passenger terminal buildings will be closed to the public for 14 days from May 13 to May 27 due to a Covid-19 cluster linked to a cleaner who worked at Terminal...

Jamus Lim argues for more ‘soft infrastructure’ investment despite Singa Bill focus on ‘hard infrastructure’

Singapore — Workers' Party MP Jamus Lim wants the new Singa Bill to allow investments not only in physical infrastructure but also in human capital. There has been a lot of chatter among the intellectual and policy classes worldwide about investing in...

Couple arrested in S’pore for suspected involvement in baby dumping case

Singapore – A man and a woman, both 25 years old, were arrested by the police for allegedly dumping the body of a newborn in Taiwan in 2019. The police confirmed that the pair were taken into custody on Apr 28 following...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent