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. 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…
- How much money was seized by the Indian state while investigating illegal loan apps? February 8, 2023
- Publishers Aren’t ‘Intermediaries’, IT Ministry Says: What Does This Mean for India’s Online Gaming Laws? February 8, 2023
- You can now use PhonePe UPI to pay in UAE, Singapore, Nepal and Bhutan February 8, 2023
- Wikipedia ‘Unblocked’ in Pakistan, PM Forms A Committee To Regulate ‘Objectionable’ Content February 8, 2023
- Explained: What is the feud over ownership between Binance and WazirX? February 8, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...