Independent POS merchant acquirer and network provider Mswipe Technologies has raised Rs 200 crore from UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners.
According to a statement from Matrix Partners, the company will use the funds to develop the largest network of merchants accepting digital payments in the country.
Most recently, the UC-RNT fund also invested $100 million into Ola.
Mswipe currently has a payment network of over 2,46,000 terminals spread across 550+ cities. Over 80% of Mswipe’s customer base comprises of SME merchants that have been able to accept credit and debit card payments for the first time through Mswipe.
Manish Patel, founder and CEO, Mswipe, said “At Mswipe, we are working towards developing the next generation Android based smart POS terminals that will offer merchants capabilities like GST compliant billing and inventory management with integrated and seamless payment acceptance, on the same device. Merchants can further develop customized Android applications and easily integrate Mswipe’s payment platform with such apps using these smart POS terminals. All this, while ensuring the same level of security and trust for the customers."
Mswipe enables transactions worth Rs 9560 crore across its network. It also recently acquired PayU’s offline POS division and even partnered with Samsung Pay and Sodexo.
“Mswipe is the ‘universal acceptance’ solution for all merchants enabling them to accept any payment instrument – cards, wallets, UPI, NFC etc. In a rapidly changing payments landscape, Mswipe’s open technology platform and ability to deliver solutions at the lowest cost sets them apart. We are privileged to be early partners with Manish and team on their journey to create India’s largest digital acceptance network,” Vikram Vaidyanathan, Managing Director, Matrix India said.
Based out of Mumbai, Mswipe currently employs 2,000 people and has a pan-India sales and support network. Mswipe's proprietary Wisepad G2TM is the first standalone EMV, PCI-PTS and NFC compliant mobile POS to be launched in India.
So far, the company has raised a sum of over $56 million from marquee investors like Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Axis Bank.