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Mswipe Technologies
Mumbai-based Mswipe Technologies, a digital payments startup, has closed a $20 million growth equity round led by Alpha Wave Global, with participation from existing investors.
This round brings the startup's total funding to over $125 million, raised from notable investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.
What is the purpose of fundraising?
With the fresh infusion of capital, Mswipe aims to expand its merchant payment network and bolster its product development and technological infrastructure.
The startup offers a wide array of payment acceptance solutions, including point-of-sale devices, UPI, quick response codes, and payment links, facilitating digital payments for offline merchants.
The strategic move is expected to solidify Mswipe's position in the competitive digital payments landscape, directly competing with other merchant payment solution providers.
RBI's approval for PA license
The Reserve Bank of India (RBI) recently granted Mswipe a coveted payment aggregator (PA) license. The license enables Mswipe to offer comprehensive, full-stack payment technology solutions across various channels. The license is expected to enrich Mswipe's merchant network, which boasts over 6 lakh members, by providing innovative solutions like sound boxes and loan collection services.
The startup's strategy includes diversifying beyond offline merchant acceptance devices to include payment gateway (PG) offerings, particularly focusing on the mid-tier segment and MSMEs.
How well Mswip is performing financially?
Mswipe has demonstrated significant financial growth and resilience. For the financial year ending March 31, 2023 (FY23), the company reported a 14% year-on-year increase in revenue from operations, reaching Rs 274 crore.
Additionally, it successfully reduced its losses by 46% to Rs 49 crore. Mswipe proudly claims to have been profitable at an EBITDA level for the last five quarters.