Startup City Magazine

Mobile-based POS Service Provider Mswipe Technologies Raises Funding

Bengaluru: Mumbai-based point-of-sale service provider, MSwipe Technologies, raises $25 million in a funding round led by Falcon Edge Capital, Meru Capital and Ola, thereby taking its overall value to $100-110 million. The round also witnessed participation from the existing partners Matrix Partners India, Deepak Shahdadpuri-led DSG Consumer Partners and Axis Bank, while Avendus Capital donned the cap of a sole investment bank for this transaction. With the new funds, the company aims to support its aggressive growth and improve its customer success.
Incepted in 2011 by the Co-Founder of Milestone Merchandise, Manish Patel, Mswipe enables startups and other small and medium enterprises to accept payments through debit and credit cards using their Android or iOS based mobiles. The company has a direct sales network across India and also provides post-sales support to its customers.
As of now the startup has a workforce of 400 employees and has strategic partnerships in Middle East, U.S. and South East Asia as well. Mswipe claims to work with banks like Corporation Bank, Ratnakar Bank, SVC Bank and Axis Bank, and offers its services to over 25,000 merchants across India.


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