India’s POS merchant acquirer and network provider, Mswipe Technologies Private Limited has bagged $31 million in Series D round of funding. The round was led by UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. Along with that, the existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners also participated in the round.
On the development, Vikram Vaidyanathan, Managing Director, Matrix India said:
Mswipe is the ‘universal acceptance’ solution for all merchants enabling them to accept any payment instrument – cards, wallets, UPI, NFC etc. In a rapidly changing payments landscape, Mswipe’s open technology platform and ability to deliver solutions at the lowest cost sets them apart. We are privileged to partner with Manish and team on their journey to create India’s largest digital acceptance network
Launched in 2011 by Manish Patel, Mswipe is a PoS service provider for a large merchant base. It also allows merchants to undertake plastic card payments through smartphones or ordinary feature phones.
Commenting on the company, Manish Patel, founder, and CEO, Mswipe, said:
At Mswipe, we are working towards developing the next generation Android based smart POS terminals that will offer merchants capabilities like GST compliant billing and inventory management with integrated and seamless payment acceptance, on the same device. Merchants can further develop customized Android applications and easily integrate Mswipe’s payment platform with such apps using these smart POS terminals. All this, while ensuring the same level of security and trust for the customers
At present, the company claims to have a payment network of 246K terminals spread across 550+ cities. It is reported that the 80% of Mswipe’s customer base comprises of SME merchants, typically supported by 1-30 employees. The turnover of these outlets is in the range of Rs 1 to 5 lakhs a month, and most these merchants have can accept credit and debit card payments for the first time through the company.
Further adding to that, he 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
On the investment, he commented:
This round of funding from UC-RNT and our existing investors is an endorsement of our vision to disrupt the merchant acquiring and electronic payment acceptance industry through technology. Merchants across the board are now looking to streamline and automate processes.
The annualized value of total transactions enabled by the company across its network stands at Rs. 9,560 crores. The company claims that the transaction value of the company’s network grew 4 times while the number of installations grew 3 times.
The company recently acquired PayU’s offline POS division, partnered with Samsung Pay, Sodexo and launched BharatQR and UPI acceptance for Mswipe’s merchants showcasing their ability as an open platform capable of accepting all digital payments.
The company will use the funds to develop the largest network of merchants accepting digital payments in the country.