Mswipe Technologies has closed a $20 million growth equity round led by Alpha Wave Global along with the participation of existing investors. The digital payments company recently received a payment aggregator (PA) license from the Reserve Bank of India (RBI).
It’s worth noting that the funding has come after a gap of almost five years for the Mumbai-based company. To date, the startup has raised over $125 million from several marquee investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.
Fresh capital will help Mswipe expand its merchant payment network, and further strengthen product development and technological infrastructure, the company said in a press release.
Mswipe provides a host of 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.
As mentioned above, Mswipe was recently granted the PA licence, which now enables the firm to provide full-stack payment technology providing omni-channel solutions.
The PA license solidifies the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across categories, Mswipe had said in a statement.
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.
As per startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 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 claims that it has been profitable at an EBITDA level for the last five quarters.
