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Mumbai-based payments startup MSwipe Technologies has raised Rs 219.8 crore in a new round of funding from US-based hedge fund Falcon Edge, Facebook Co-founder Eduardo Saverin’s B Capital Asia, late-stage technology investment firm Epiq Capital and consumer-focused fund DSG Consumer Partners, according to filings with the Registrar of Companies (RoC).

According to the filings, B Capital Asia invested close to Rs 69.99 crore, followed by DSG Consumer Partners, who invested Rs 20.91 crore. The filings revealed that Epiq Capital put in Rs 36.17 crore, Epiq Capital B invested Rs 34.99 crore, and Falcon Edge put in Rs 56.91 crore, in this round.

The fresh funding comes within a year after the company raised undisclosed amount from Epiq Capital in August last year. Prior to this, mSwipe raised $41 million in Series D round, in 2017, from investors, including UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California, Matrix Partners India; and existing investors Falcon Edge Capital, DSG Consumer Partners, and Eduardo Saverin’s B Capital Asia.  

So far, Mswipe Technologies has raised a total of about $97.5M in funding over 8 rounds.

Founded in 2011 by Manish Patel, mSwipe is an independent mobile Point-of-Sale (POS) merchant acquirer and network provider that allows small and medium-sized enterprises to enable card-based payments through their mobile devices. 

Unlike other traditional PoS-deploying entities such as Pine Labs and Worldline, Mswipe onboards its own merchants and deploys mobile PoS terminals which are primarily aimed at bringing small merchants within the fold of digital payments.

Noida-based payment startup Pine Labs had raised massive $125 million from Singapore-based Temasek and PayPal, at valuation of over $1 billion.

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Source – Economic Times (ET Tech)
Top Featured Image – MSwipe@Facebook

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