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Matrix, Falcon Edge in $25m Series C for India's Mswipe

  • Holden Mann
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Indian mobile point-of-service (POS) developer Mswipe has raised $25 million in Series C funding from a group of investors including Matrix Partners, Falcon Edge Capital and Meru Partners.

Mswipe manufactures POS terminals that can attach to the audio port on a customer's mobile device. The phone can then be used as a credit or ATM card reader. It is intended for merchants who do not have a physical internet connection, or who are travelling, and cannot normally take card payments.

According to a release, the company will use the new funding to accelerate growth and improve customer access. Mswipe partners with regional and national Indian banks, and is seeking to enter Southeast Asia, the US, and the Middle East.

Matrix has led several rounds of funding for Mswipe, including the firm's Series A round in 2013 and its 2014 Series B round. Axis Bank and DSG Consumer Partners, which participated in the Series B, also invested alongside Matrix in this round.

This is Falcon Edge's first investment in Mswipe. The US-based group has participated in funding rounds for several of India's tech start-ups, including the $400 million Series E for taxi-booking service Ola and a $90 million round for Locon Solutions, operator of real estate platform Housing.com.

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