Mswipe closes Series D funding above the US$40 million mark
Marking B Capital’s foray into investments in India
- The funds will be used for expanding Mswipe’s acceptance network for digital payments and strengthening product development capability
- Mswipe has a network of 280,000 terminals spread over 650 cities and towns
- Mswipe’s platform enables merchants to accept digital payments like UPI, Google Tez, PhonePe, Bharat QR, and BHIM in addition to card payments
Mumbai, December 7, 2017: Mswipe Technologies Private Limited (“Mswipe” or “the Company”), India’s largest independent merchant acquirer and Point of Sale (POS) network provider, today announced the closing of Series-D round above US$40 million mark, which includes US$31 million announced earlier. B Capital Group (“B Capital”), a global tech fund that invests in pioneering fintech, healthcare, industrial logistics, and consumer enablement companies, has led the latest investment in the Company together with Mswipe’s existing investor – DSG Consumer Partners. Eduardo Saverin, Partner at B Capital and Co-founder of Facebook, will join Mswipe’s Board and work closely with the Company as it enters its next phase of growth. Other investors participated in the Series-D funding include UC-RNT Fund, Matrix Partners India and Falcon Edge Capital. The capital raised will support Mswipe’s continuous effort in expanding Mswipe’s acceptance network at retail merchants for card and digital payments and strengthen its product development capability.
Mswipe is addressing a large market estimated at 14 million merchants with low POS penetration. Since its inception in 2011, the Company has quickly disrupted the card acceptance business with its innovative POS and business payment solutions, paving the way for greater acceptance for cards and now digital payments in the sub-continent. It is already India’s leading non-bank merchant acquirer, with a network of 280,000 terminals spread over 650 cities and towns. Mswipe’s omni-channel platform offers merchants an easy and efficient way to accept digital payments like UPI, Google Tez, PhonePe, BharatQR, and BHIM in addition to card payments using Mswipe’s industry leading payment terminals, mobile phones, tablets or PC’s.
Kabir Narang, Partner at B Capital, said, “We have been actively looking at investment opportunities in leading technology companies in Asia. We are excited to partner with Mswipe, an end-to-end payment solution that is made for India. Our philosophy at B Capital is to back exceptional founders and teams like the one at Mswipe and market leaders where we can leverage our global network to help accelerate their growth.”
“While the US has been the traditional anchor for innovative technology, we are seeing disruptive innovation emerging from geographies like India, China, South East Asia and Israel. This is one of the reasons at B Capital we started with a global investment model and a presence in Asia and the US from day one.” he added.
Manish Patel, Founder and CEO, Mswipe said, “At Mswipe, we are at the forefront of the payments revolution by powering acceptance infrastructure at the merchants’ end, enabling them to accept card and digital payments in a hassle-free manner. It is a great validation to have an investor like B Capital along with our existing investors. B Capital’s expertise in the sector and its exceptional network in Asia will be an important ingredient as we shift orbit and execute our next phase of growth.”
Deepak I Shahdadpuri, MD, DSG Consumer Partners, and Chairman, Mswipe, said, “On behalf of all the investors, I would like to welcome B Capital to Mswipe and Eduardo Saverin to the board. B Capital compliments the existing investor base and will add significant strategic value as Mswipe starts its next phase of growth to build India’s leading payments and lending business.”
About B Capital Group
B Capital Group is a global tech fund that invests in pioneering fintech, consumer enablement, industrial logistics and healthcare companies that are primed to scale across the global stage. B Capital Group delivers unique access to top corporations to match cutting-edge start-ups with the world’s leading CEOs, platforms, and brands. Existing portfolio companies to date include Bright.md, CXA, Evidation Health, Icertis, INTURN, Lanetix, Mswipe, Ninja Van and SilverCloud Health. For more information, visit http://www.bcapgroup.com/.
Mswipe is India’s leading independent merchant acquirer and financial services provider. Based out of Mumbai, the Company has a 2,000 people strong pan-India sales and support network. The entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway, automated settlement and mobile POS terminals, has been developed in-house by Mswipe’s development team. Mswipe’s proprietary Wisepad G2TM is the first standalone EMV, PCI-PTS and NFC compliant mobile POS to be launched in India. The Company has raised a sum of over $60million from marquee investors like B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners and DSG Partners. To know more, please visit: www.mswipe.com
About DSG Consumer Partners
DSG Consumer Partners (DSGCP) is a venture capital fund focused on identifying, selecting and investing exclusively in early stage consumer businesses in India and South East Asia. DSGCP currently has US$100 million under management and is investing from DSGCP II. The founders have built a track record of investing for the long term and investments include Sula Wines, Saffronart, Cleartrip, Redmart (sold to Lazada), Bakers Circle, Veeba Food (part exit to Verlinvest), Social, OYO Rooms (part exit to Softbank), Zipdial (sold to Twitter), Saraf Foods, Eazydiner, Chope, Mswipe, Burger King India, Chai Point, Suzette, Kitchen Garden, India Lends, GOQii, Raw Pressery, Epigamia Greek Yogurt, Ramblin’ Brands, Salad Stop, The Mom’s Co, Piccolo and Hostmaker.