Indian fintech startup Mswipe this week raised an astounding amount of $30 million or ₹270 crore from existing investors. The Mumbai-headquartered company banked on their strong existing investors such as Falcon Edge, B Capital, Epiq Capital and DSG Growth Partners among others, for their latest round of funding.
In their last round in 2017, Mswipe had managed to raise over $40 million.
Mswipe said in a statement that apart from expanding their existing line of mPOS terminals, the company is driving forward on two new initiatives — smart POS terminals and UPI QR codes. “A bulk of the Series E round will be deployed towards deepening these initiatives, which are already underway,” they said.
Mswipe Founder and CEO Manish Patel said in a statement, “WisePOS Plus… powered by a suite of productivity apps, can enable a merchant to save thousands of rupees and hundreds of hours that go into running computer-based billing and inventory solutions with integrated payments. At the same time, we are also creating a huge opportunity for app developers with MoneyStore… We expect to be serving well over a million merchants by this time next year, making us one of the largest and most capital efficient merchant acquirers in the country.”