Photo Credit: Mswipe
Mswipe, a Mumbai, India-based fintech company that offers point-of-sale terminals for merchants, raised $30 million in Series E funding from Falcon Edge, B Capital Group, Epiq Capital, and DSG Growth Partners. Mswipe is aiming to hit a merchant base of 1.5 million by 2020. Including this round, Mswipe has raised about $97.5 million (Crunchbase).
Interestingly, Mswipe’s Series D round at more than $40 million after a $10 million extension was added from B Capital Group — which is the venture firm created by Facebook co-founder Eduardo Saverin and entrepreneur Raj Ganguly — and DSG Consumer Partners.
“2019 marks our move into the next orbit of growth. We expect to be serving well over a million merchants by this time next year, making us one of the largest and most capital efficient merchant acquirers in the country,” said Mswipe founder and CEO Manish Patel via Deal Street Asia.
Mswipe is rapidly building up its smart POS terminals and UPI QR codes platforms. The smart POS terminals are called WisePOS Plus and it enables retailers to set up multiple functions such as billing, inventory management, payments, and supply chains.
“We are excited to continue to back Mswipe as it builds out the payments and fintech infrastructure for the 50M+ small and medium merchants in India. The company has been a leader in building an ecosystem of products like digital payments, loans, and inventory management which enables merchants to grow and run their business,” added B Capital Group general partner and Asia co-head Kabir Narang.
These new terminals will enable Mswipe to work with large organized retail chains across the electronics, fashion, and consumer goods markets. Essentially WisePOS Plus enables merchants to save a lot of money and time due to its computer-based billing and inventory solutions. And Mswipe is expected to onboard 500,000 merchants to the UPI QR code-based payments system this year.
Mswipe is also piloting an app store called MoneyStore. MoneyStore will be a central place for apps developed by more than 30 retail developers.
Epiq Capital founder and managing partner Rishi Navani said that Mswipe’s “market-leading POS solutions have a significant paying installed base and distribution, and growth initiatives such as EMI cards enhance the core value proposition and will help drive scale in the coming years.”
