Facebook cofounder Eduardo Saverin joins Mswipe board, invests $40 mn

Facebook cofounder Eduardo Saverin joins Mswipe board, invests $40 mn

Digital payments company and point-of-sale terminal provider Mswipe has raised $10 million from venture capital firm B Capital. B Capital's investment marks the closing of Mswipe's $41-million series-D round of fund-raising, which had earlier seen investments from UC-RNT Fund - a joint venture between Ratan Tata's RNT Associates and the University of California and existing investors Matrix Partners India, Falcon Edge Capital and DSG Consumer Partners. Saverin will join the Mswipe board and work closely with the company.

The company now claims to have a network of 280K terminals spread over 650 cities and towns.

"At Mswipe, we are at the forefront of the payments revolution by powering acceptance infrastructure at the merchants' end, enabling them to accept card and digital payments in a hassle-free manner. What this brings to our table is global expertise from our investors, which will help us to scale up operations into becoming a larger organisation", said Manish Patel, founder of Mswipe. B Capital's investment is led by B Capital partner Kabir Narang, who leads investments in Asia and global fin-tech and SaaS.

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According to Mswipe, the Indian market has about 14 million merchants with low PoS penetration.

Founded in 2011 by Manish Patel, Mswipe is an mPOS network provider, which allows merchants to undertake plastic card payments through smartphones or ordinary feature phones. Almost 80 per cent of Mswipe's customer base comprises SME merchants, typically supported by 1-30 employees. Narang was earlier with Fidelity Growth Partners and Warburg Pincus, where he was involved with big ticket investments in technology and financial services. We are excited to partner with Mswipe, an end-to-end payment solution that is made for India. The entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway, automated settlement and mobile POS terminals, has been developed in-house by Mswipe's development team. It also claims to have a 2,000 people strong pan-India sales and support network. Along with that, the company has also roped in new investor DSG Consumer Partners. Seeing this market opportunity, the company recently launched a proprietary PoS machine named Wisepad G2TM, which supports contact-less payment methods like Near Field Communication (NFC).

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