Mumbai based fintech Mswipe Technologies has successfully closed a capital raise of USD 20 Million in primary growth equity capital from its existing investors, said in its press release dated 27th of February.
With the capital raised in the growth equity round, fintech aims to increase its merchant payment network, and further strengthen product development and technological infrastructure.
Mswipe recently secured the payment aggregator license by Mswipe has recently received the payment aggregator licence from the Reserve Bank of India (RBI). With this, Mswipe is poised to provide comprehensive payment solutions across both the digital offline and the online channels.
Following the in-principle approval from the Reserve Bank of India (RBI) for its license, Mswipe aimed to initiate a trial of its payment gateway stack among its current group of merchants. The company sought to transition into a comprehensive payments provider, expanding beyond its primary focus on offline merchant acceptance devices.
Founded in 2011, the company is backed by key investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT and Ola. The company has achieved profitability at the EBITDA level consistently over the past five quarters.
Mswipe Technologies provides comprehensive Point of Sale (POS) solutions that cater to various forms of payment methods, including cards, digital wallets, mobile payment apps, and bank apps.