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Mswipe raises Series-D funding of $31 million

Company will use funds to develop largest network of merchants accepting digital payments

Press Trust of India  |  Mumbai 

MSwipe (Photo: @Mswipe, Twitter account of MSwipe)
MSwipe (Photo: @Mswipe, Twitter account of MSwipe)

Independent POS (point of sale) merchant acquirer and network provider, Technologies on Wednesday announced a Series D, or fourth strategic round of funding of $31 million.

UC-RNT fund, a joint venture between Ratan Tata's RNT Associates and along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the round, a statement issued by the company said.

will use the funds to develop the largest network of merchants accepting payments in the country, it said.

The company currently has a payment network of 2.46 lakh terminals spread across over 550 cities.

"With merchants of all sizes actively looking to enable 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," Manish Patel, founder and CEO, said.

As much as 80 per cent of Mswipe's customer base comprises merchants, typically supported by 1-30 employees.

The turnover of these outlets is in the range of Rs 1-5 lakh a month, and most these merchants can accept credit and payments for the first time through Mswipe, it explained.

The annualised value of total transactions enabled by Mswipe across its network stands at Rs 9,560 crore, it claimed.

The company recently acquired PayU's offline POS division, partnered with Samsung Pay, Sodexo and launched BharatQR and UPI acceptance for Mswipe's merchants.

First Published: Wed, June 21 2017. 16:28 IST