B Capital leads round for India's Mswipe

The investment includes a $31 million commitment secured earlier this year from RNT Capital Advisors, Matrix Capital Partners, Falcon Edge Capital and DSG Consumer Partners. Eduardo Saverin, a partner at B Capital and co-founder of Facebook, will join the Mswipe board.

UC-RNT Fund, a vehicle associated with Indian business magnate Ratan Tata and the University of California, also participated in the round. Previous investors include Axis Bank, ANI Technologies, and Meru Capital Group, the latter of which contributed to a $25 million Series C in 2015. Total investment in the company now amounts to $60 million.

The fresh capital will be used to expand Mswipe’s acceptance network for digital payments and strengthening product development capability.

“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,” Manish Patel, founder and CEO at Mswipe, said in a statement. “B Capital’s expertise in the sector and its exceptional network in Asia will be an important ingredient as we shift orbit and execute our next phase of growth.”

Founded in 2011, Mswipe claims to be India’s leading independent merchant acquirer and financial services provider, with a nationwide sales network of some 2,000 professionals and an equipment footprint of 280,000 terminals. The company specializes in point-of-sale payment technology that allows merchants to transact sales via a number of card types. 

Competitors include Innoviti Embedded Solutions, which raised almost $19 million earlier this year from SBI-FMO Fund, Bessemer Venture Partners and Catamaran Ventures.

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• Topics
• South Asia
• Technology
• Financials
• Expansion
• India
• TMT
• Financial Services
• B Capital
• Matrix Partners
• DSG Partners Asia