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Mswipe closes Series D funding above the USD 40 mn mark

ANI | Updated: Dec 07, 2017 16:16 IST

Mumbai [India], Dec 7 (ANI): In order to expand its acceptance network for digital payments and strengthening product development capability, Mswipe Technologies has announced on Thursday the closing of Series-D round of funding above USD 40 million mark.

Mswipe Technologies is India's independent merchant acquirer and Point of Sale (POS) network provider with 280,000 terminals spread over 650 cities and towns.

Marking B Capital's foray into investments in India, the global tech fund has led the latest investment in the company together with Mswipe's existing investor - DSG Consumer Partners.

Eduardo Saverin, Partner at B Capital and Co-founder of Facebook, will join Mswipe's Board and work closely with the company as it enters its next phase of growth.

"We are excited to partner with Mswipe, an end-to-end payment solution that is made for India. While the US has been the traditional anchor for innovative technology, we are seeing disruptive innovation emerging from geographies like India, China, South East Asia and Israel. This is one of the reasons at B Capital we started with a global investment model and a presence in Asia and the US from day one," said Kabir Narang, Partner at B Capital.

Mswipe is addressing a large market estimated at 14 million merchants with low POS penetration. Mswipe's channel platform offers merchants an easy and efficient way to accept digital payments like UPI, Google Tez, PhonePe, BharatQR, and BHIM in addition to card payments.

"At Mswipe, we are at the forefront of the payments revolution by powering acceptance infrastructure at the merchants' end, enabling them to accept card and digital payments in a hassle-free manner. It is a great validation to have an investor like B Capital along with our existing investors. B Capital's expertise in the sector and its exceptional network in Asia will be an important ingredient as we shift orbit and execute our next phase of growth," Manish Patel, Founder and CEO, Mswipe said. (ANI)