The round also saw the participation from its existing investors Matrix Partners India, Axis Bank and DSG Consumer Partners. The funds are set to foster the startup’s plan to further accelerate its growth and customer success.
Mswipe is a wireless payment system which provides mobile payment service to SMEs and enterprise clients. It also allows merchants to undertake plastic card payments through smartphones or feature phones. The solution is currently in use with 25,000 merchants across India including clients like McDonald’s, Asian Paints and Reliance Life.
The company aims at linking India’s 12-15 million SMEs and mPOS to mainstream financial services.
Mswipe’s competition include other similar service providers such as Mosambee, MobiSwipe, Ezetap Mobile Solutions and Mahindra Comviva’s payPLUS.
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