Mswipe, a Mumbai-based provider of point-of-sale solutions, has raised over $40m through its Series D round.
B Capital is investing $10m into the company alongside DSG Consumer Partners in an extension to a Series D round announced earlier this year, which was originally pegged at $31m. As part of the investment, B Capital partner Eduardo Saverin, co-founder of Facebook, will join Mswipe’s Board.
Launched in 2011, Mswipe has now raised a total of $65m from investors, which it has used to accelerate its mission of widening the availability of financial services in India. Founded by Manish Patel, Mswipe is secure mobile POS solution that works with smartphones, tablets, computers, and links to bank account.
The company’s omni-channel platform offers merchants a way to accept digital payments like UPI, Google Tez, PhonePe, BharatQR, and BHIM in addition to card payments using Mswipe’s payment terminals, mobile phones, tablets or PC’s.
It is addressing a large market estimated at 14 million merchants with low POS penetration and has established a network of 280,000 terminals, spread over 650cities and towns in the country.
Kabir Narang, partner at B Capital, said: “We have been actively looking at investment opportunities in leading technology companies in Asia and are excited to partner with Mswipe, an end-to-end payment solution that is made for India. Our philosophy at B Capital is to back exceptional founders and teams like the one at Mswipe and market leaders where we can leverage our global network to help accelerate their growth.”
The first three quarters of 2017 saw Indian FinTech companies receive $6.6bn worth of funding according to data by FinTech Global. Between 2014 and 2016 total investment to FinTech companies based in India fell by 44.5% from $2.29bn to $1.27bn. Despite the decrease in total investment, the number of deals closed rose at a CAGR of 33.6% during the same period.
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