Moneycontrol
Dec 07, 2017 03:57 PM IST | Source: Moneycontrol.com

Facebook cofounder Eduardo Saverin joins Mswipe board, invests $40 mn

The investment includes USD 31 million announced earlier. Founded in 2011, Mswipe operates as a card payments via mobile point of sale transaction machines.

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Mumbai-based Mswipe, a merchant acquirer and Point of Sale (POS) network provider has closed a Series D funding round of over USD 40 million led by by Eduardo Saverin's B Capital Partners.

The investment includes a USD 31 million announced earlier. Facebook cofounder Eduardo Saverin, a partner at B Capital will join Mswipe’s Board.

“We have been actively looking at investment opportunities in leading technology companies in Asia. We are excited to partner with Mswipe, an end-to-end payment solution that is made in India,” said Kabir Narang, Partner at B Capital.

The funds will be used for expanding Mswipe’s acceptance network for digital payments and strengthening product development capability.

Narang added: “While the US has been a traditional anchor for innovative technology, we are seeing disruptive innovation emerging from geographies like India, China, South East Asia and Israel.”

Other investors participated in the funding include UC-RNT, Matrix Partners India, and Falcon Edge Capital.

The latest investment in the company is together with its existing investor DSG Consumer Partners.

Manish Patel, founder, and CEO, Mswipe said, “It is a great validation to have an investor like B Capital along with our existing investors. 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.”
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