Matrix India leads Series B for Mswipe
Mswipe Technologies, a Mumbai-based mobile payment services provider, has raised a Series B round of funding led by existing investor Matrix Partners India. Axis Bank and DSG Consumer Partners also participated.
Financial details were not disclosed, but the proceeds will be used to scale up Mswipe's business by partnering with banks to deploy its payment terminals with small and mid-sized merchants, according to a statement.
Mswipe, which was founded in 2011, provides a mobile application and plug-in card reader that allows merchants to turn smart phones into point-of-sale (POS) terminals that accept debit and credit card payments.
The company claims that its terminals have been adopted by around 6,000 merchants across India and more than 1,000 merchants in Sri Lanka. It currently employs over 100 people.
"We believe there is a large market opportunity with small merchants craving cost-effective mobile payment terminals and adopting front-end POS technology," said Manish Patel, founder and managing director of Mswipe.
Matrix led the company's Series A round in January of last year, with participation from Axis Bank.
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