Mumbai-based payments firm Mswipe Technologies has announced the closure of a $20 million primary growth equity investment from its current investors.
Although the firm did not disclose the names of the investors, its existing captable comprises Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Previously, it had raised over $107 million from these investors.
According to a statement from the company, the newly raised funds will be utilized to expand the merchant payment network and enhance product development and technological infrastructure.
Recently, Mswipe obtained a payment aggregator license from the Reserve Bank of India (RBI), enabling it to offer online gateway and aggregator services, with a specific focus on Micro, Small, and Medium Enterprises (MSMEs). Previously, the company primarily focused on offline payments using point-of-sale (PoS) devices.
With a merchant network exceeding 600,000, the fintech firm has been exploring opportunities to diversify its revenue streams. This includes the launch of sound box and loan collection services to banks and Non-Banking Financial Companies (NBFCs), both of which were introduced a year ago.
The company asserts profitability at an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) level for the past five quarters.
