Mswipe to raise USD 21 mln in funding

The fintech start-up had last raised USD 25 million in 2015 from Falcon Edge Capital, Matrix Partners India, Axis Bank and DSG Consumer Partners.

According to sources, the deal might get closed next month. Queries sent to Mswipe founder and CEO Manish Patel did not elicit any response. DSG Consumer and Falcon also did not reply to queries.

The Mumbai-based company provides mPoS devices that work with smartphones, tablets and computers, and links to bank accounts.

According to company, the fresh funds will be used to fuel expansion into smaller cities and towns, where ATMs are still scarce and connectivity is a major issue for wallets to run.

Mswipe’s fund-raising plans come at a time when several other PoS providers, such as ItzCash, MobiSwipe and Ezetap, are also aggressively expanding their services.

More than that, all the new POS machines will be Aadhaar - and Bharat QR-based, according to the company.