Facebook co-founder Eduardo Saverin is participating in a $40 million Series D round of funding in Mswipe Technologies marking his first foray into the India startup market.
With this investment, Saverin will join the company’s board and work with its management on expansion.
Saverin’s B Capital Group and DSG Consumer Partners are leading the funding round of mSwipe, along with other participants that include Ratan Tata’s UC-RNT Fund, Matrix Partners India and Falcon Edge Capital.
Mumbai headquartered Mswipe is an independent merchant acquirer and Point of Sale (POS) network provider,
Mswipe’s platform enables merchants to accept digital payments like UPI, Google Tez, PhonePe, Bharat QR and BHIM as well as credit card payments. It claims to be India’s largest independent merchant acquirer and point-of-sale network provider with 280,000 terminals across 650 cities and towns.
Eduardo Saverin is a Brazilian-born billionaire who, after relocating to Singapore in 2009, started his second innings as a venture capitalist by co-founding a VC firm called B Capital Group. He has has a net worth of $9.5 billion, according to the Bloomberg Billionaires Index.
Previously, he had drawn attention for disputes with Mark Zuckerberg, depicted in the movie “The Social Network,” and his renunciation of U.S. citizenship, which was criticized as tax dodge.