Mswipe has received an undisclosed amount of funding in a round led by Matrix Partners India. Based in Mumbai, India, Mswipe is a mobile point of sale device and services provider.
Mumbai, India – Jan 9, 2013: Matrix Partners India today announced that it has led the first institutional round of funding in Mswipe Technologies Private Limited. Mswipe is an early leader in providing cost effective point of sale (POS) solutions which enable merchants to accept debit and credit card payments using their Android, iOS or notably feature phones. In 4 months since going live Mswipe’s POS terminals have been deployed in over 200 cities and towns across India.
“Mswipe enables small and mid-sized merchants to accept regular credit and debit cards on their mobile phones with the same security & speed as conventional POS terminals at a very affordable price point and competitive card interchange fees. Other than conventional brick and mortar stores, Mswipe’s solution enables card acceptance by insurance agents, home delivery services providers etc. Merchants have access to their transaction records on their mobile phones as well as a host of online reports.” said Manish Patel, Founder and Managing Director, Mswipe
“Mswipe is an early leader in creating a low cost, mobile POS infrastructure in India. Manish has extraordinary entrepreneurial energy and insights into the challenges faced by small and mid-size merchants, and we are excited to be his partners. This opportunity is at the cross section of financial services and mobile, two important focus areas for Matrix India.” said Rishi Navani, Managing Director, Matrix India
Mswipe is a Mumbai based mobile POS device and services provider. Mswipe has partnered with Prizm Payment Solutions Private Ltd. and Axis Bank to provide merchants a comprehensive card acceptance service. Mswipe currently employs 40 people and has a pan-India direct sales agent network to provide after sales support to its customers. The entire POS solution comprising of mobile application on multiple mobile platforms, payment gateway and encrypted card reader has been developed in-house by Mswipe’s development team. The solution is already in use with ~ 4,000 merchants across India. Further information is available at www.mswipetech.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages with initial investments ranging from INR 1 crore to INR 75 crore. The firm has invested in several market leading companies including Centre for Sight (eye care), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), TreeHouse Education (preschools) and Ver Se (mobile utilitarian applications) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in