Mumbai Fintech Mswipe Technologies Raises $20M to Expand Payment Network

Mumbai-based fintech firm Mswipe Technologies announced today that it has successfully secured $20 million in primary growth equity capital from its existing investors. The capital raise aims to bolster the company’s merchant payment network, enhance product development, and fortify its technological infrastructure.

In addition to this significant funding milestone, Mswipe recently obtained the payment aggregator license from the Reserve Bank of India (RBI), enabling it to offer comprehensive payment solutions across both offline and online channels.

With the RBI’s in-principle approval for its license, Mswipe is now gearing up to pilot its payment gateway stack among its existing group of merchants. This move signifies the company’s transition towards becoming a comprehensive payments provider, expanding beyond its core focus on offline merchant acceptance devices.

Established in 2011, Mswipe Technologies has garnered support from key investors such as Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Notably, the company has maintained profitability at the EBITDA level for the past five quarters.

Mswipe Technologies specializes in providing comprehensive Point of Sale (POS) solutions, catering to various payment methods including cards, digital wallets, mobile payment apps, and bank apps.