Mswipe Technologies Secures $20 Million in Growth Equity Funding from Alpha Wave Global
February 29, 2024, 4:02 pm
Mswipe Technologies, a digital payments company based in Mumbai, has successfully raised $20 million in growth equity funding from Alpha Wave Global, with participation from existing investors. This funding round marks the company's first in nearly five years, bringing its total funding raised to over $125 million.
The recent approval of a payment aggregator (PA) license by the Reserve Bank of India (RBI) has further strengthened Mswipe's position in the market. This license allows the company to offer omnichannel payment solutions with full-stack technology, catering to a wide range of banking partners, enterprises, and merchants.
With a focus on expanding its merchant payment network and enhancing its technological infrastructure and product development, Mswipe aims to provide offline merchants with a variety of payment acceptance solutions, including point-of-sale devices, UPI, quick response codes, and payment links.
The company's operating revenue saw a significant increase from Rs 241 crore in FY22 to Rs 274 crore in FY23, representing a growth of 13.69%. Additionally, Mswipe managed to reduce its losses by 45.36% during the same period, from Rs 90 crore in FY22 to Rs 49 crore in FY23.
Having achieved profitability at an EBITDA level for the past five quarters, Mswipe is poised for further growth and innovation in the digital payments space. With a strong investor backing from notable names like Matrix Partners, B Capital, DSG Consumer Partners, and Ola, Mswipe is well-positioned to capitalize on the evolving landscape of digital transactions.
As Mswipe continues to solidify its presence in the market and expand its offerings, the company's strategic focus on technology, merchant network growth, and product development sets the stage for continued success and innovation in the digital payments industry.
The recent approval of a payment aggregator (PA) license by the Reserve Bank of India (RBI) has further strengthened Mswipe's position in the market. This license allows the company to offer omnichannel payment solutions with full-stack technology, catering to a wide range of banking partners, enterprises, and merchants.
With a focus on expanding its merchant payment network and enhancing its technological infrastructure and product development, Mswipe aims to provide offline merchants with a variety of payment acceptance solutions, including point-of-sale devices, UPI, quick response codes, and payment links.
The company's operating revenue saw a significant increase from Rs 241 crore in FY22 to Rs 274 crore in FY23, representing a growth of 13.69%. Additionally, Mswipe managed to reduce its losses by 45.36% during the same period, from Rs 90 crore in FY22 to Rs 49 crore in FY23.
Having achieved profitability at an EBITDA level for the past five quarters, Mswipe is poised for further growth and innovation in the digital payments space. With a strong investor backing from notable names like Matrix Partners, B Capital, DSG Consumer Partners, and Ola, Mswipe is well-positioned to capitalize on the evolving landscape of digital transactions.
As Mswipe continues to solidify its presence in the market and expand its offerings, the company's strategic focus on technology, merchant network growth, and product development sets the stage for continued success and innovation in the digital payments industry.