Mswipe Technologies bags $20 million in a Funding round led by Alpha Wave Global
Merchant based payment provider Mswipe Technologies has secured, $20 million growth equity round led by Alpha Wave Global along with the participation of existing investors.
According to the company’s official statement, they will use the raised fund to expand its market presence, widen the merchant payment network,and strengthen its product and technology infrastructure. The digital payments company recently received a payment aggregator (PA) license from the Reserve Bank of India (RBI).
Mswipe offers a platform which provides offline and online payment acceptance solutions, including point-of-sale devices, UPI, quick response codes and payment links to help offline merchants receive payments digitally.
After receiving the the PA licence, the company can provide full-stack payment technology providing omni-channel solutions. This PA license will strengthen the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across varied categories.
It also offers offline loans for merchants as well as store and inventory management solutions. The company is supported by the likes of Matrix Partners India,Epiq Capital, DSG Consumer Partners, UC-RNT and cab aggregator platform Ola, among others.
Recently, the company has joined hands with Mswipe has now joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open and Enkash which recently received a nod from RBI to operate as an online payment aggregation platform.
According to the report of Intelligence platform TheKredible, Mswipe’s revenue from operations has gone up to 13.69% to Rs. 274 crore in FY23 compared to Rs. 241 crore in FY22. Its losses contracted by 45.36% to Rs. 49 crore in FY23 from Rs. 90 crore in FY22. The company demands that it has been profitable at an EBITDA level for the last five quarters.
.jpg "Team Startupcity")
According to the company’s official statement, they will use the raised fund to expand its market presence, widen the merchant payment network,and strengthen its product and technology infrastructure. The digital payments company recently received a payment aggregator (PA) license from the Reserve Bank of India (RBI).
Mswipe offers a platform which provides offline and online payment acceptance solutions, including point-of-sale devices, UPI, quick response codes and payment links to help offline merchants receive payments digitally.
After receiving the the PA licence, the company can provide full-stack payment technology providing omni-channel solutions. This PA license will strengthen the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across varied categories.
It also offers offline loans for merchants as well as store and inventory management solutions. The company is supported by the likes of Matrix Partners India,Epiq Capital, DSG Consumer Partners, UC-RNT and cab aggregator platform Ola, among others.
Recently, the company has joined hands with Mswipe has now joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open and Enkash which recently received a nod from RBI to operate as an online payment aggregation platform.
According to the report of Intelligence platform TheKredible, Mswipe’s revenue from operations has gone up to 13.69% to Rs. 274 crore in FY23 compared to Rs. 241 crore in FY22. Its losses contracted by 45.36% to Rs. 49 crore in FY23 from Rs. 90 crore in FY22. The company demands that it has been profitable at an EBITDA level for the last five quarters.
