Mswipe Technologies, a merchant-focused payments provider, has made headlines by raising $20 million in growth equity capital led by Alpha Wave Global. The funding round also saw participation from its existing investors.
As per the startup, the freshly raised funds will be used to widen its merchant payment network and strengthen its product and technology infrastructure.
Mswipe Technologies | Holistic Payment Solutions to Retail Merchants
Founded by Manish Patel, along with co-founder Ketan Patel, Mswipe Technologies is a leading digital payment and financial solutions firm supporting the growing merchant community across India. The product suite of Mswipe consists of various POS terminals, from portable palm-size devices to various Smart POS options and QR Code. Mswipe recently launched Boombox, which provides alerts via sound and display to merchants.
The Mumbai-headquartered fintech startup also provides instant digital loans to offline merchants as well as store and inventory management solutions. Mcapital is the lending arm and a fully owned subsidiary of Mswipe Technologies. And now, with its gateway, the merchant-focused payments provider will directly compete with other merchant payment solution providers, such as Razorpay and Pine Labs, among others, in the online and offline space.
Backed by the likes of Matrix Partners India, DSG Consumer Partners, Epiq Capital, and cab aggregator platform Ola, among others, Mswipe claims to be profitable at an Ebitda (earnings before interest, taxes, depreciation, and amortization) level for the last five quarters.
Mswipe reported Rs 274 crore revenue from operations, a 14% year-on-year growth, for the financial year ending March 31, 2023 (FY23). The startup also reported to cut losses by a staggering 46% to Rs 49 crore.
The development has come a few weeks after Mswipe received the final nod from the Reserve Bank of India (RBI) for its payment aggregator license. Back in August 2022, Mswipe Technologies was looking to pilot its payment gateway stack with its existing merchant base right after receiving the RBI’s in-principle approval for the license.
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