Indian fintech startup Mswipe raises more money, gets Facebook co-founder Saverin on board
The fourth round of funding closed at over $40 million, and the money will help the company's product development and network expansion
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Mswipe Technologies Pvt. 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.
The investment includes $31 million the Mumbai venture had raised previously, and the additional investment brings on board venture capital fund B Capital, co-founded by Partner Eduardo Saverin, according to a December 7 press release. Saverin, who is also co-founder of Facebook, will join MSwipe’s board.
India’s fintech scene is on a tear boosted by both government policy and initiatives and private investment in new technologies and products. Established banks as well as large ecommerce companies including local leader Flipkart, and Amazon’s Indian unit are building out the fintech ecosystem in India, making the country one of the most exciting markets for venture investments in the area.
“We have been actively looking at investment opportunities in leading technology companies in Asia. We are excited to partner with Mswipe, an end-to-end payment solution that is made for India,” Kabir Narang, Partner at B Capital, said in the press release. “While the US has been the traditional anchor for innovative technology, we are seeing disruptive innovation emerging from geographies like India, China, South East Asia and Israel.”
Mswipe’s existing investor – DSG Consumer Partners invested in the latest round alongside B Capital, as did other existing investors UC-RNT Fund, Matrix Partners India and Falcon Edge Capital. The money will help Mswipe expand its network by adding more merchants use its point of sale devices and related technologies.
Mswipe is addressing a market estimated at 14 million merchants with low PoS penetration, the company said in its press release. The company was founded in 2011 by entrepreneur Manish Patel, who is also a medical doctor and owner of a wine and beer distribution business Milestone Merchandise, according to his LinkedIn profile.
Thus far, Mswipe has raised about $60 million in funding, including the latest round. Today it has 280,000 terminals used by merchants in 650 cities and towns. In addition to its devices, MSwipe’s business includes services such as helping businesses manage payments across their supply chain, and financial products such as loans and EMI plans, according to its website.
