Digital payments company Mswipe Technologies has raised $20 million in primary growth equity capital from its existing investors.
While it didn’t share the names of the investors participating in the round, media reports pointed out that it raised nearly $10 million from global investment company Alpha Wave Ventures.
This growth equity round will enable Mswipe to increase its merchant payment network, and strengthen product development and technological infrastructure, the company said in a release.
Founded in 2011 by Manish Patel, Mswipe had last raised nearly $30 million in its Series E funding round in March 2019 from existing investors Alpha Wave, B Capital, Epiq Capital and DSG Growth Partners.
Prior to the latest fundraise, the company raised nearly $100 million across nine rounds. Its other investors include Ratan Tata-led UC-RNT Fund, Meru Capital, OlaCabs’ parent ANI Technologies and Axis Bank.
Mswipe offers a slew of financial products, including various types of PoS terminals, which can range from a portable palm-size device to varied smart POS options. Other products in its suite are payment gateway, payment pages, payment links, QR codes, and Boombox that provides alerts via sound and display to merchants.
The company has also recently received a payment aggregator licence from the Reserve Bank of India (RBI). With this, the company is looking to provide comprehensive payment solutions across both the digital offline and the online channels.
It claims to have a merchant network exceeding half a million. It also claimed that the company has been profitable at an EBITDA (earnings before interest, taxes, depreciation, and amortisation) level for the last five quarters.
