MSWIPE RAISES $10 MN FROM DSG CONSUMER, B CAPITAL

BENGALURU: Mswipe Technologies Pvt. Ltd, which makes point of sale (PoS) machines for merchants, raised $10 million in funding from B Capital Group and DSG Consumer Partners, closing its Series D round, the company said on Wednesday.

Mswipe announced the Series D round in June, when it initially raised $31 million from Ratan Tata’s UC-RNT Fund, Matrix Partners India and Falcon Edge Capital. Till date, the company has raised $65 million in funding from its investors.

Its latest investor B Capital is a global technology fund which focuses on industry vertical such as fintech, healthcare, industrial logistics, and consumer firms. Eduardo Saverin, partner at B Capital, will join Mswipe’s board.

The startup will use the fresh capital to expand its payment acceptance network through tieups with retail merchants for card and digital payments, and to strengthen its product development capability.

Mswipe is an independent merchant acquirer and payment services provider based out of Mumbai. It makes mobile PoS (mPOS) devices for merchants, a cheaper variety of the more bulky PoS device conventionally provided by banks. Apart from mPoS devices, the company also has a payment gateway for processing payments online and an automated payment settlement system for merchants. It has deployed a network of 280,000 PoS terminals in India across 650 towns and cities in India since its inception in 2011.