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Ratan Tata-backed UC-RNT fund and others have invested around Rs 200 crore into Matrix-backed digital payment technology firm Mswipe Technologies Pvt Ltd. The company will use the funds to develop the largest network of merchants accepting digital payments in the country.
UC-RNT fund, a joint venture between Ratan Tata's RNT Associates and the University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners invested in the round. The company has earlier raised a sum of over $56 million from marquee investors like Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Axis Bank.
Mswipe Technologies Private Limited, a POS merchant acquirer and network provider, currently has a payment network of over 2,46,000 terminals spread across over 550 cities. Over 80 per cent of Mswipe's customer base comprises of SME merchants. The annualized value of total transactions enabled by the company across its network stands at Rs 9,560 crore.
The transaction value on the Mswipe network grew four times last year, while the number of installations grew three times. The company recently acquired PayU's offline POS division, partnered with Samsung Pay, Sodexo and launched Bharat QR and UPI acceptance showcasing their ability as an open platform capable of accepting all digital payments.
Manish Patel, founder and CEO, Mswipe, said: "Merchants across the board are now looking to streamline and automate processes. 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 customised Android applications and integrate Mswipe's payment platform with such apps using these smart POS terminals while ensuring the same level of security and trust for the customers, he added.
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".
Mswipe employs 2,000 people and has a pan-India sales and support network. The company has an entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway, automated settlement and mobile POS terminals.