Mswipe Technologies raised $20 M Growth-equity funding from Alpha Wave Global

With the involvement of current investors, Mswipe Technologies has completed a $20 million growth equity round led by Alpha Wave Global. Recently, the Reserve Bank of India (RBI) granted the digital payments company a license as a payment aggregator (PA).

The Mumbai-based company has not received funding in nearly five years. With the help of notable investors like Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola, the startup has raised over $125 million to date.

According to a press release from the company, the new funding will enable Mswipe to grow its merchant payment network and enhance its technological infrastructure and product development.

To assist offline merchants in accepting payments digitally, Mswipe offers a variety of offline and online payment acceptance solutions, such as point-of-sale devices, UPI, quick response codes, and payment links.

As previously indicated, Mswipe recently received the PA license, allowing the company to offer omnichannel solutions with full-stack payment technology.

The PA license, according to a statement from Mswipe, “solidifies the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across categories.”

Now that Mswipe has been approved by the RBI to function as an online payment aggregation platform, it has joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open, and Enkash.

According to the media, Mswipe’s operating revenue rose from Rs 241 crore in FY22 to Rs 274 crore in FY23, a 13.69% increase. From Rs 90 crore in FY22 to Rs 49 crore in FY23, its losses decreased by 45.36%.

For the past five quarters, the company says, it has been profitable at an EBITDA level.