Mswipe, leading Point of Sale (POS) network provider, has raised $30 million in Series E funding. The investors in this round are investors Falcon Edge, B Capital, Epiq Capital and DSG Growth Partners, all existing investors in the company.
Mswipe, which currently enjoys a customer base of 400,000 says it has set itself a target of taking this number to 1.5 million by end of next fiscal year. Two other objectives that the company says it has earmarked for this year are providing smart POS terminals and UPI QR codes.
Mswipe is already considered the largest operator in its line of business and if it succeeds in one million merchants mark, next year, it could grow into a force to reckon with in the mPOS systems space.
Manish Patel, founder and CEO, Mswipe said, “2019 marks our move into the next orbit of growth. We expect to be serving well over a million merchants by this time next year, making us one of the largest and most capital efficient merchant acquirers in the country. Also, on the anvil are tech powered products that will add significant value to merchants including an app-based ecosystem to help our merchant partners beyond payments. We are big believers in offering merchants access to a merchant-friendly cost-effective open ecosystem.”
WisePOS Plus is a proprietary technology created by Mswipe and is considered a pioneer in the segment. This technology runs on Android OS and offers the merchants much more than just swiping credit/debit cards for accepting payments. Billing, inventory management and supply chain along with integrated payments are some of the activities the users of this POS technology offered by Mswipe. Going even a step further, Mswipe is able to offer a unique app store to their merchant-customers called MoneyStore.
The other area that Mswipe is working on relates to the acceptance of the UPI QR code within the Mswipe app that it is providing merchants with. This app will have multiple functions like checking transactions and settlements, managing notifications and recording all their sales in a single location. 500,000 merchants are expected to be brought on board for this in this financial year.
And lastly, in a customer-centric initiative, Mswipe is working on introducing its EMI Mcard. This will be done with the help of NBFCs and offer the facility to the customers when they swipe their cards at the POS terminals to avail EMI facility to settle the payment. A pilot scale testing of this product has been done already.