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Mswipe raises $25M from Ola, Meru Capital, Falcon Edge & existing investors

Mumbai-based mPOS solutions provider Mswipe has raised $25 million in a series C round of funding from new investors Falcon Edge Capital, Ola Cabs and Meru Capital, and existing investors Axis Bank, Matrix Partners India and DSG Consumer Partners, reports YourStory. The company will use the funds for growth and customer acquisition. Mswipe had earlier raised an undisclosed amount in a Series B round of investment from investors Matrix Partners and Axis Bank in January last year. The company had also raised an undisclosed amount from Matrix Partners in January 2013, with Axis Bank's participation. Note that Axis had partnered with MSwipe and Hitachi’s Prizm Payments to launch a mobile point of sales solution in July 2012. Before this, Mswipe had reportedly received angel investment from former Anand Rathi investment banking head & Mumbai Angels co-founder Praveen Chakravarty and Beacon India Private Equity Fund founder & managing director Deepak Shahdadpuri in 2012. Founded in 2011 by Manish Patel, Mswipe started with offering a series of point of sale devices like card swipers which plug into the mobile phone’s audio jack to enable POS payments. The company later launched a Chip and Pin compliant mPOS solution called WisepadTM in December 2013, and its ‘SmartPOS’ Android phone that let users make card payments just last month. As of now, Mswipe claims to work with banks like Axis Bank, Ratnakar Bank, Corporation Bank and SVC Bank and is used by over 4,000 merchants including Carzonrent, Apollo Munich, Costa Coffee, Deals Kart, HDFC Life, Jabong, McDonald’s, Myntra, Quikr…

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