Mumbai-based mPOS startup Mswipe has reportedly raised $31 Mn funding in Series D round, led by UC-RNT Fund. UC-RNT Fund is the joint VC fund between Chairman Emeritus of Tata Sons, Ratan Tata and the University of California.
Existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners also participated in the round apart from the Ratan Tata backed fund.
Vikram Vaidyanathan, Managing Director, Matrix India said, “Mswipe is the ‘universal acceptance’ solution for all merchants enabling them to accept any payment instrument – cards, wallets, UPI, NFC etc. In a rapidly changing payments landscape, Mswipe’s open technology platform and ability to deliver solutions at the lowest cost sets them apart. We are privileged to partner with Manish and team on their journey to create India’s largest digital acceptance network”.
With this round till date, the company fundraise shoots to about $63 Mn. The company will use the funds to develop its network of merchants accepting digital payments in the country.
The Mswipe Story
Founded in 2011 by Manish Patel, mPOS startup Mswipe is a wireless payment system which provides mobile payment service to SMEs and enterprise clients. It also allows merchants to undertake plastic card payments through smartphones or ordinary feature phones.
In 2015, Mswipe had raised $25 Mn in its Series C round of funding from New York-based hedge fund Falcon Edge Capital, investment firm Meru Capital and ride-hailing app, Ola. Existing investors Matrix Partners India, Axis Bank, and DSG Consumer Partners also participated in the mPOS startup funding round.