Mswipe Technologies has successfully concluded a $20 million growth equity round, led by Alpha Wave Global, with the participation of existing investors. The Mumbai-based digital payments company recently obtained a Payment Aggregator (PA) license from the Reserve Bank of India (RBI).
It’s noteworthy that this funding marks a return after nearly five years for Mswipe. The startup has raised over $125 million to date from prominent investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.
The newly acquired funds will support Mswipe in expanding its merchant payment network and enhancing product development and technological infrastructure, according to a company press release.
Mswipe offers a range of offline and online payment acceptance solutions, such as point-of-sale devices, UPI, quick response codes, and payment links, enabling offline merchants to receive digital payments.
With the recent PA license, Mswipe can now provide comprehensive payment technology, offering omni-channel solutions. This license strengthens the company’s commitment to enhancing its suite of offerings and delivering secure payment technology to banking partners, enterprises, and merchants across various sectors.
Mswipe has joined the ranks of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open, and Enkash, all of which have recently received approval from the RBI to operate as online payment aggregation platforms.
According to startup data intelligence platform TheKredible, Mswipe’s revenue from operations grew by 13.69% to Rs 274 crore in FY23, compared to Rs 241 crore in FY22. Additionally, its losses contracted by 45.36%, decreasing from Rs 90 crore in FY22 to Rs 49 crore in FY23. The company claims to have been profitable at an EBITDA level for the past five quarters.