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