Mobile point of sale (mPOS) terminal company Mswipe raised $31 million in its latest funding round, as it explores expanding its network of 246,000 payment terminals in India.
The company’s system allows small- and medium-sized merchants to accept mobile and other digital payments. In a statement, the company said it would use the investment to develop the largest network of merchants accepting digital payments in India.
Backers taking part in the latest finance round include the UC-RNT investment fund in addition to existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners.
In the past 12 months, the company tripled its number of terminals, while the value of transactions processed quadrupled to INR95.6 billion ($1.48 billion). Mswipe accepts payment from NFC-based mobile wallets, debit and credit cards.
Mswipe CEO Manish Patel said: “With merchants of all sizes actively looking to enable digital payment acceptance at their establishments, we expect to grow exponentially going ahead, create card and electronic payment acceptance infrastructure across cities and widen our user base.”
MD of investor Matrix India Vikram Vaidyanathan added: “In a rapidly changing payments landscape, Mswipe’s open technology platform and ability to deliver solutions at the lowest cost sets them apart. We are privileged to partner with Manish and team on their journey to create India’s largest digital acceptance network”.