Mumbai-Based Mswipe Technologies Raises $20 Million in Latest Funding Round Led by Alpha Wave Global
Mswipe Technologies, the Mumbai-based digital payments company, has successfully secured $20 million in its latest funding round, led by Alpha Wave Global along with other investors. This investment marks a significant rebound for Mswipe, following a five-year hiatus in its fundraising activities.
The recent funding comes on the heels of Mswipe obtaining a payment aggregator license from the Reserve Bank of India (RBI). Previously, the company had raised over $125 million from notable investors including Matrix Partners, B Capital, and Ola.
Mswipe, now a prominent player in the Indian digital payments sector, is poised to compete aggressively with major companies such as Razorpay and Cashfree. The new capital will be instrumental in expanding Mswipe’s merchant payment network and enhancing its technology and product offerings.
The company’s recent achievements include receiving RBI approval to operate as an online payment aggregation platform, joining the ranks of major platforms like Zomato. Mswipe reported a 13.69% increase in revenue to ₹274 crore in FY23, with its EBITDA showing positive results over the last five quarters. Additionally, the company reduced its losses by 45.36% to ₹49 crore in FY23.
Humble Beginnings and Industry Leadership
Founded in 2011 by Manish Patel, Mswipe started with a vision to revolutionize digital payments in India. Patel, then an alcohol merchant struggling with payment transfers, identified a significant gap in card payment technology for small and medium businesses.
The early challenges led to the creation of Mswipe, which aimed to simplify and improve payment processes for local merchants. Despite initial struggles, Mswipe’s technology gained traction for its affordability and efficiency, enabling merchants to accept payments via mobile devices.
Over the years, Mswipe has continuously innovated, developing low-cost mPOS and smartPOS solutions. The company introduced a unified QR code that supports all card brands and integrates with UPI apps, allowing merchants to accept payments seamlessly and track transactions efficiently.
Today, Mswipe stands as a leader in the small and medium business payment sector, processing nearly $5 billion annually and serving merchants in over 1,000 cities and towns across India.