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Mswipe raises an additional $10 million from B Capital

Digital payments company and point-of-sale terminal provider Mswipe has raised $10 million from venture capital firm B Capital. This was an addition to the $31 million Series D round of funding led by UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners.

With this, Eduardo Saverin, Partner at B Capital and Co-founder of Facebook, will join Mswipe’s Board.

Mswipe says that it has 280,000 terminals across 650 cities and towns. This was partly helped by when it acquired PayU India’s POS business. As part of the deal, Mswipe merchants will be able to offer Internet payment services offered by PayU India, and PayU will push Mswipe to its merchants for POS services related requirements.

Earlier funding

Note that with the round of funding Axis Bank, an early investor which owned 8% of the company, got a complete exit, as indicated by this Economic Times report.

Its last funding round was in July 2015, where it raised Rs160 crore in a Series C round from investors such as Falcon Edge Capital, Ola Cabs, and Meru Capital. Mswipe had earlier raised an undisclosed amount in a Series B round of investment from investors Matrix Partners and Axis Bank in January 2014. The company had also raised an undisclosed amount from Matrix Partners in January 2013, with Axis Bank’s participation.

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Partnerships

Mswipe has been signing up with other payment companies and diversifying acceptance of payment methods other than cards and integrated BharatQR and UPI as well.

Meanwhile, employee benefits services provider Sodexo signed a partnership Mswipe in May. Through the deal, Sodexo will be expanding its footprint and employees can use Sodexo’s Meal Card at select merchants like grocery stores, restaurants, cafes and food delivery services. Patel said that more than 30,000 merchants will be able to use Sodexo’s meal card. The partnership will also have a revenue sharing agreement where Mswipe will earn a portion when a Meal Card is swiped at its merchants.

In the same month, Mswipe also enabled Samsung Pay across all its terminals to enable contactless NFC “tap and go” payments.

* Correction: An earlier version of the story mentioned that B Capital invested $9 million. A spokesperson for the company gave the updated number.

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