The firm will use the funds to further accelerate its growth and customer acquisition.
Mswipe is a Mumbai-based merchant acquirer and mobile PoS solutions provider. It launched its first PoS solution in 2012 with a card reader, which could be attached to any mobile phone’s audio (headset) jack. Building on their product innovation strength, it launched the first EMV Chip and Pin compliant mobile PoS solution, Wisepad, in December 2013. In June the year, Mswipe rolled out Wisepos, an Android phone which can be used for card payments.
Mswipe closely works with smaller banks such as Corporation Bank, Ratnakar Bank, SVC Bank and also large banks like Axis Bank.
It is present in the Middle East, US and Southeast Asia through partnerships.
Mswipe currently employs over 400 people.
“We believe in serving the smallest of merchants. India currently has 12-15 million SMBs and mobile PoS is the only channel which can efficiently link these SMBs to mainstream financial services. Today less than 500,000 SMBs have any type of PoS. Mswipe aims to provide seamless mobile POS solutions to one million merchants across 400 Indian cities and towns and create India’s largest financial services platform for SMBs,” said Manish Patel, Founder and Managing Director of Mswipe.