Mswipe Technologies Secures $20 Million in Growth Equity from Existing Investors
- ByStartupStory | February 28, 2024
Mumbai-based payments firm Mswipe Technologies has successfully closed a $20 million primary growth equity capital round, drawing support from its existing investors. While the firm has not disclosed the specific names of the investors, its current captable includes prominent names such as Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.
Having previously raised over $107 million from these investors, the additional funding will be strategically utilized to expand the merchant payment network, reinforce product development, and enhance technological infrastructure, according to a statement released by the company.
Recently granted a payment aggregator license by the Reserve Bank of India (RBI), Mswipe is poised to venture into online gateway and aggregator services, with a particular focus on catering to Micro, Small, and Medium Enterprises (MSMEs). Historically, the company has concentrated on offline payments, primarily facilitated through point-of-sale (PoS) devices.
With a robust merchant network exceeding 6 lakh, the fintech firm is diversifying its revenue streams by introducing sound box and loan collection services to banks and Non-Banking Financial Companies (NBFCs). These initiatives were launched approximately a year ago.
Highlighting its financial stability, Mswipe proudly asserts profitability at an EBITDA level for the last five consecutive quarters.
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