Founder: Manish Patel
Financing status: USD 10M in Series D
Mumbai-based point-of-sales (POS) platform Mswipe has raised USD 10M in Series-D funding led by B Capital, the investment fund of Facebook co-founder Eduardo Saverin. As a result of the investment, Saverin will assume a position on Mswipe’s board and will aid the startup as it enters its next phase of expansion. The Series-D round also saw participation from existing investors DSG Consumer Partners as well as UC-RNT Fund, Matrix Partners India, and Falcon Edge Capital.
Mswipe will use the newly raised funds to expand and onboard some two million merchants by 2022. India’s payment-solution market is growing increasingly competitive with an estimated 2.9 million POS devices in use. Mswipe’s main industry competitor is Bangalore-based Ezetap.
Mswipe is an end-to-end mobile POS platform that enables mobile phones to accept credit card payments with the attachment of a small card-reading dongle device. The company also offers stand-alone, card-swiping terminals. Mswipe’s mobile app (available on Android and iOS) allow users to track business transactions, product inventory, etc. Mswipe’s target demographic is the estimated 14 million merchants and small businesses in India, a country with relatively low POS use. The payment platform claims to have a network of 280,000 terminals across 650 urban areas in India.
Mswipe was founded in 2011 by Manish Patel, who now operates as the startup’s CEO. He holds a medical degree from Mumbai University and prior to founding Mswipe co-founded Milestone Merchandise, an alcoholic beverage distribution company.
According to Patel, “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.”
(Top image from www.mswipe.com)