Mswipe Technologies closes Series-C funding of $25 million

Falcon Edge Capital, Ola Cabs, Meru Capital, Matrix, others participate

Mobile point-of-sale (PoS) services provider Mswipe Technologies  raised $25 million in its Series-C funding. The round saw participation from new investors Falcon Edge Capital, Ola Cabs and Meru Capital as well as existing investors, Matrix Partners India, Axis Bank and DSG Consumer Partners.

Avendus Capital was the exclusive advisor to MSwipe technologies’ $25 million fund raise.

Mswipe plans to use the funds to further accelerate its aggressive growth and customer success.

Mswipe launched the first mobile PoS solution in India in 2012 with a card reader, which could be attached to any mobile phone’s audio (headset) jack. It launched WisepadTM, an EMV chip and Pin compliant mobile PoS solution, in December 2013. In June 2015, it launched WiseposTM, an Android phone that can be used for card payments.

The company works with banks including Corporation Bank, Ratnakar Bank, and Axis Bank. Mswipe is also present in West Asia, the US and southeast Asia through partnerships.

The firm has said it believes in serving the smallest of merchants. India currently has 12-15 million small and medium enterprises (SMEs) and mobile PoS is

the only channel that can efficiently link these SMEs to mainstream financial services.

Mswipe plans to provide mobile PoS solutions to one million merchants across 400 Indian cities and towns and create India’s largest financial services platform for SMEs.

“Mswipe has demonstrated exceptional growth and is well poised to be the category defining mobile only, financial services platform for SMEs. The company has a highly innovative business model based on its product innovation edge, cost effective mobile solutions and a significant nationwide sales capability,” said Rishi Navani, managing director, Matrix India.

“Using a debit or credit card for payment is becoming the norm, yet millions of merchants in India do not have access to the network and systems to accept such payments. Since first backing Mswipe in 2012, we have seen the impact Mswipe has had, helping SMEs accept payments, save time and offer convenience to their customers. Small businesses are a very important component of the Indian economy and Mswipe is helping these businesses grow,” said Deepak Shahdadpuri, managing director, DSG Consumer Partners.