Ltd., an Indian fintech startup specialising in point-of-sale devices and payments acceptance network and technologies, has raised over $40 million in its series D funding round, meaning its fourth major funding exercise. This was an addition to the $31 million Series D round of funding led by 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.
The recent round of funding is led by Facebook Co-founder, Eduardo Saverin's investment fund B Capital along with existing investors, DCG Consumer Partners. Patel said that Mswipe intends to partner with small merchants to enable them to accept all forms of digital payments, help manage their business better, and also facilitate credit for them so that they can scale up their businesses faster.
The start-up will use the fresh capital to expand its payment acceptance network through tie-ups with retail merchants for card and digital payments, and to strengthen its product development capability. Since its inception in 2011, the company has established a network of 280,000 terminals spread over 650cities and towns in the country. "While the United States has been the traditional anchor for innovative technology, we are seeing disruptive innovation emerging from geographies like India, China, South East Asia and Israel". "What this brings to our table is global expertise from our investors, which will help us to scale up operations into becoming a larger organisation", said Manish Patel, founder of Mswipe.
Mswipe is addressing a market estimated at 14 million merchants with low PoS penetration, the company said in its press release.
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Headquartered in Mumbai, Mswipe has a 2,000 people strong pan-India sales and support network. The entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway, automated settlement and mobile POS terminals, has been developed in-house by Mswipe's development team. Mswipe's proprietary Wisepad G2 is the first standalone EMV, PCI-PTS and NFC compliant mobile POS to be launched in India.
He invests personally and through B Capital Group, a global VC firm he co-founded that focuses on financial technology, healthcare, industrial logistics and consumer technology companies.
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