Early stage investment firm Matrix Partners India has invested an undisclosed amount in mobile POS device and service provider MSwipe Technologies Private Limited.
The company said that in 4 months since going live, MSwipe’s point of sale (POS) terminals have been deployed in over 200 cities and towns in India.
The Mumbai based POS provider has partnered Prizm Payment Solutions and Axis bank to provide merchant services for over 4,000 merchants in India.
“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.
Matrix Partners India, with Rs 3,000 crore under management has previously invested in companies like Muthoot Finance, online classifieds site Quikr and mobile applications maker Ver Se.
The Mobile Payment solutions business in India is seeing a fair bit of investor action these days. In November, Mumbai based POS solutions company MobiSwipe raised an undisclosed amount from One97 fund.
In the same month, India’s square, EZETap secured $3.5mn funding from Paypal’s Peter Thiel, Chamath Palihapitiya (of Social+Capital Partnership), PE player Nicolas Berggruen and Yammer founder, David Sacks.
With the Indian government pushing hard for financial inclusion and high mobile penetration, the mobile payments industry is set for some boom time action. What are your thoughts?