VC Fund Investments
Fintech startup Mswipe raises $20-M led by Alpha Wave
Mumbai-headquartered merchant-focused payments provider Mswipe Technologies has raised USD 20 million in growth equity capital from its existing investors led by Alpha Wave Global. The proceeds from the ongoing fundraise will be to widen its merchant payment network, strengthen its product and technology infrastructure. The company had recently received the final nod from the Reserve Bank of India (RBI), for its payment aggregator licence.Founded in 2011, Mswipe provides payment solutions including point-of-sale devices, unified payments interface (UPI), quick response codes and payment links to help offline merchants receive payments digitally. Mswipe is backed by Matrix Partners India, Epiq Capital, DSG Consumer Partners, UC-RNT and cab aggregator platform Ola, among others. For the financial year ending March 31, 2023 (FY23), Mswipe reported a 14% year-on-year growth in revenue from operations to INR 274 crore. It also cut losses by 46% to INR 49 crore.
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