Mswipe Technologies, an independent mobile PoS (point of sale) solutions provider, has raised US$31 million in Series D round of funding from a group of investors, including UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. Existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the round.

The company will use the funds to develop a network of merchants accepting digital payments in the country.

The new round takes Mswipe’s total funding raised so far to over US$56 million.

Based out of Mumbai, Mswipe offers a mobile PoS solutions comprising a mobile app, payment gateway, automated settlement and PoS terminals. It currently has a payment network of 246,000 terminals spread across 550-plus cities. As much as 80 per cent of its customer base comprises SME merchants.

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The company recently acquired PayU’s offline PoS division, and partnered with Samsung Pay and Sodexo.

Mswipe currently employs 2,000 people.

Manish Patel, Founder and CEO, Mswipe, said: “With merchants of all sizes actively looking to enable digital payment acceptance at their establishments, we expect to grow exponentially going ahead, create card and electronic payment acceptance infrastructure across cities and widen our user base.”

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Despite the numerous cashless channels today, PoS terminals are still the largest and most widely-used cashless instruments available in India. The number of transactions through PoS terminals stood at 233.4 million in May 2017, according to India’s central bank RBI. Compared to that, digital wallets accounted for 91.3 million transactions. That is a difference of almost 2.5 times in terms of number of transactions.

Image Credit: mSwipe