02 April 2019, India:
Mswipe Technologies Private Limited has raised $30 million in Series E round of funding. Existing investors Falcon Edge, B Capital, Epiq Capital and DSG Growth Partners participated in the funding round.
“2019 marks our move into the next orbit of growth. We expect to be serving well over a million merchants by this time next year, making us one of the largest and most capital efficient merchant acquirers in the country,” said Manish Patel, Founder and CEO, Mswipe.
Manish Patel, added, “Also, on the anvil are tech powered products that will add significant value to merchants including an app-based ecosystem to help our merchant partners beyond payments. We are big believers in offering merchants access to a merchant-friendly cost-effective open ecosystem.”
“Mswipe is well positioned to be the leading SME financial services platform in India. Its market leading POS solutions have a significant paying installed base and distribution, and growth initiatives such as EMI cards enhance the core value proposition and will help drive scale in the coming years,” said Rishi Navani, Founder and Managing Partner, Epiq Capital.
“We have been very fortunate to have worked with Manish and his team since Mswipe’s inception. Over the last seven years, we have seen Mswipe grow into India’s largest non-bank merchant acquirer. We look forward to continuing this partnership as Mswipe embarks on the next phase of its growth journey. We believe that the ecosystem that Mswipe is building will become an integral part of India’s payment ecosystem,” said Deepak I. Shahdadpuri, MD, DSG Consumer Partners.
“It’s been an explosive but strategically complex period for Indian payments over the last 18 months. Under Manish’s leadership Mswipe has emerged stronger as a leader in the payments space and it’s been a privilege to have partnered early in Mswipe’s journey. We’re excited about Mswipe’s vision on building India’s largest payments acquiring network and providing unique financial products for SMEs,” said Vikram Vaidyanathan, Managing Director, Matrix India.
(Image – Mswipe)