Mswipe Technologies, a leading player in India’s digital payments ecosystem, recently announced the closure of a $20 million growth equity round, led by Alpha Wave Global, with participation from existing investors. This funding marks a significant milestone for the Mumbai-based company, coming after a gap of almost five years.
The infusion of fresh capital will fuel Mswipe’s expansion initiatives, enabling the company to enhance its merchant payment network, strengthen product development, and bolster its technological infrastructure. With a track record of raising over $125 million from marquee investors such as Matrix Partners, B Capital, and DSG Consumer Partners, Mswipe is poised for accelerated growth and innovation in the digital payments space.
One of the key highlights of Mswipe’s recent developments is the acquisition of a payment aggregator (PA) license from the Reserve Bank of India (RBI). This pivotal milestone empowers Mswipe to provide full-stack payment technology, offering omni-channel solutions to banking partners, enterprises, and merchants across various sectors.
The PA license underscores Mswipe’s commitment to delivering secure and seamless payment experiences, leveraging cutting-edge technology and innovative solutions. By joining the ranks of esteemed platforms granted approval by the RBI, Mswipe solidifies its position as a trusted partner in India’s burgeoning digital economy.
Mswipe’s revenue from operations witnessed a notable uptick, increasing by 13.69% to Rs 274 crore in FY23, indicative of its growing market presence and robust performance. Furthermore, the company reported a significant reduction in losses, contracting by 45.36% to Rs 49 crore in FY23, underscoring its commitment to sustainable growth and financial resilience.
A noteworthy aspect of Mswipe’s financial performance is its profitability at an EBITDA level for the past five quarters—a testament to its sound business strategy, operational efficiency, and focus on delivering value to stakeholders.
In a landscape characterized by rapid digital transformation and evolving consumer preferences, Mswipe remains at the forefront of driving innovation and democratizing access to digital payment solutions. With a relentless focus on customer-centricity, technological innovation, and strategic partnerships, Mswipe is poised to redefine the future of digital payments in India and beyond.
As Mswipe continues to chart its course of growth and expansion, it reaffirms its commitment to empowering merchants, businesses, and consumers with seamless, secure, and accessible payment experiences, driving financial inclusion and economic empowerment across the nation.
