Investments, News

Mswipe raises series B funding round from Matrix Partners and Axis Bank

MPosMumbai based mobile POS service provider Mswipe has reportedly raised an undisclosed amount of funding from Matrix Partners and Axis Bank.

Moreover, the company has also received term sheet from Sequoia Capital, Qualcomm Ventures and Hitachi controlled Prizm Payments but rather decided to go with the existing investors for the round of funding. However, there has been no announcement whatsoever by the company in this regard.

The startup earlier in January 2013 raised its first institutional funding from Matrix Partners.

Started its operations in 2011, Mswipe has positioned itself as an early leader in the Indian MPos market. The company provides its service to over 4000 merchants across the country in partnership with  partnership with Prizm Payment Solutions and Axis Bank. Some of its clients are Reliance Life Insurance, Eureka Forbes, McDonald’s and Asian Paints among others.

It offers a mobile phone-based PoS service to small and medium business to accept debit and credit card payments using their Android, iOS or notably feature phones. The company has a pan-India direct sales agent network to provide after sales support to its customers. It targets to have a total of 50,000 merchants under its clientele list, said the report.

According to a report, mobile in retail is now a USD 5.7 Bn business worldwide and continues to grow rapidly. In India as well, the technology has significantly taken off in past few years with a number of players working in this field and several more to soon join the league.

Other than Mswipe, MRLpay, MPowa and Ezetap are few other prominent names who have managed to occupy a significant percent of the Indian MPos market.

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