Mswipe Technologies Pvt. Ltd., a Mumbai-based PoS (Point-of-Sale) & business payment solutions provider, has grabbed headlines for receiving up to R. 220 crore in the latest Series E financing round.
Reportedly, the leading investors participating in the round include the American hedge fund Falcon Edge, Facebook Co-founder’s B Capital Asia, Epiq Capital, along with DSG Consumer Partners. The latest funding apparently follows a 15-month interval after the Series D round that collected about $41 million.
According to the Registrar of Companies (RoC) filed with the Ministry of Corporate Affairs (MCA), Falcon Edge and DSG Consumer Partners pumped in about Rs. 57 crore and Rs. 21 crore respectively, while B Capital Asia and Epiq Capital led the financing with investment of around Rs.70 crore.
Sources close to the development revealed that the company has so far raised around $98 million and is soon expected to be valued at $450 million. The company is likely to utilize the funding proceeds to consolidate and expand its operations, with the financing of working capital.
As per a report by ET Tech, the government’s recent decision of bearing the costs every merchant had to pay for all digital payment transactions up to Rs.2,000, has driven the growing adoption of card payments all over the country, and Mswipe is one of those companies that have benefitted through this. For the record, during 2017-2018, there were approximately 3.6 million card payment terminals available which contributed to processing over 4.7 billion card swipes.
Mswipe processes card transactions for several major card schemes including Mastercard, Visa and RuPay. The company onboards the merchants and implements mobile PoS terminals, aimed at introducing small merchants to digital payments. Mswipe caters to small & medium-sized businesses by enabling card payments via mobile phones, providing a card reader with every handset that turns the phone into a card acceptance device. Moreover, the company enables digital payments from other platforms like Google Pay, UPI, Bharat OR, PhonePe and BHIM.