Saturday, August 1, 2015

Mswipe Technologies raises $25 million Series-C funding

Mumbai-based mobile point-of-sale services  (mPOS) provider Mswipe Technologies Pvt Ltd has raised a Series C round of $25 million from Falcon Edge, Olacabs, Meru Capital and existing investors Matrix Partners, Axis Bank and DSG. Mswipe will use this fund to scale up, for product development and to expand internationally.

India is estimated to have 12-15 million SMEs, out of which less than 500,000 have access to any type of POS. Mobile POS (MPOS) provides the most efficient way to link these SMEs to mainstream financial services. Backed by a favorable eco-system, Indian mobile POS market is set to grow.
Mswipe is India's leading MPOS solution provider. Mswipe primarily targets SMEs without access to any type of POS. It's India's 5th largest merchant acquirer. It's end to end payment solutions and card acceptance is unmatched by any competitor. Mswipe works with large financial institutions like Axis Bank as well as with smaller banks like Corporation Bank, SMVC Bank, Ratnakar bank etc. Mswipe also has international presence in Middle East, US and South East Asia through partnerships.