Payment fintech firm Mswipe raises $20 million from existing investors

Ketan Patel, CEO, Mswipe

Mumbai-based payments firm Mswipe Technologies has closed $20 million in primary growth equity capital from its existing investors.

While the firm did not specify the investors name, its existing captable includes Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.

It had previously raised over $107 million from them.

The new fundraise will be deployed to increase the merchant payment network, and strengthen product development and technological infrastructure, the company said in a statement.

Mswipe has recently received a payment aggregator license from the Reserve Bank of India (RBI), allowing it to offer online gateway and aggregator services, particularly targeting MSMEs.

Until now, the company's core focus has been on offline payments with point of sale (PoS) devices.

With a merchant network of more than 6 lakh, the fintech has been looking to diversify its revenue streams with sound box and loan collection services (to banks and NBFCs) as well, both launched a year back.

The company claims to be profitable at an EBITDA level for the last five quarters.