Mswipe Technologies, a leading Point-of-Sale (POS) service provider and device manufacturer, has successfully raised $20 million in primary growth equity capital from its existing investors. This funding infusion will fuel the expansion of Mswipe’s merchant payment network and bolster its product development and technological infrastructure.
Among the investors contributing to this round are prominent names such as Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. According to Tracxn data, Mswipe has amassed $106 million in funding across nine rounds, underscoring investor confidence in its growth trajectory.
Over its 13-year journey, Mswipe has emerged as a trailblazer in introducing innovative payment solutions to businesses and merchants, significantly contributing to the proliferation of digital payments across diverse urban and rural landscapes in India. The company boasts a robust merchant network exceeding half a million and has maintained profitability at an EBITDA level for the past five quarters.
This funding milestone follows Mswipe’s recent achievement of securing a payments aggregator license from the Reserve Bank of India (RBI), alongside ten other companies. Earlier this year, the company received an in-principle approval from the RBI, further solidifying its position in the fintech ecosystem.
Mswipe Technologies specializes in providing digital solutions to merchants, offering a comprehensive suite of services including mobile POS solutions, transaction processing, POS loans, and smart POS terminals. Founded in 2011 by former Cash-e CEO Ketan Patel, who currently serves as the managing director, Mswipe continues to drive innovation and accessibility in the digital payments landscape.
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