Matrix, Falcon Edge join $31m round for India's Mswipe
Indian mobile point-of-service (POS) developer Mswipe has raised a $31 million funding round led by RNT Capital Advisors, with participation by existing investors Matrix Capital Partners, Falcon Edge Capital and DSG Consumer Partners.
The company will use the new capital to add more merchants to its digital payment network, according to an article in YourStory linked from Matrix’s Twitter feed. It will also accelerate development on its next generation of mobile payment terminals.
Mswipe manufactures POS terminals that can attach to the audio port on a customer’s mobile device, allowing it to be used as a credit or ATM card reader. It is intended for merchants who do not have a physical internet connection and cannot use normal card readers. New terminals will include a customized Android operating system aimed at improving inventory management and integrating compliance with the forthcoming goods and services tax.
Matrix has led several rounds of funding for Mswipe, including the company’s Series A and Series B rounds in 2013 and 2014, respectively. It also co-led the $25 million Series C round in 2015 with Falcon Edge. DSG also participated in the Series B and C rounds, along with Axis Bank.
In a separate disclosure, Axis announced that it has exited its stake in Mswipe for INR809 million ($12.5 million). The bank did not reveal the buyers of the stake or whether its sale was part of the latest funding round.
RNT Capital was launched last year as a partnership between RNT Associates, an investment firm backed by Tata Group chairman emeritus Ratan Tata, and the University of California. The firm’s debut fund is said to target $150 million, and will comprise third-party capital as well as contributions from RNT Associates and the university.
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