Mobile Payment Startup, Mswipe Raises Series B Funding

Mswipe Technologies, a Mumbai based POS device and service provider has reportedly raised funding of an undisclosed amount in a Series B round from Matrix Partners and Axis Bank.

While the company had also received term sheets from investors like Sequoia Capital, Qualcomm Ventures and Prizm Payments but stuck with existing investors for the round of funding said the Techcircle report.

MswipeThere’s no official word on the funding yet with MD & CEO of Mswipe, Manish Patel declining comment.

Matrix Partners is an existing investor in the mobile POS provider, after having made Series A investments in January of 2013 for an undisclosed amount. The company that had begun operations in March 2011, provides merchant services to over 4,000 merchants across the country in partnership with Prizm Payment Solutions and Axis Bank.

According to the report, the company had set a target of 50,000 merchants to reach out to by the end of fiscal year 2014.

The company, which sells a payment service based on a tiny device capable of turning a mobile phone into a point of sale device, competes with startups like Ezetap.

Recommended Read: Paytm Joins The E-wallet Bandwagon With Paytm Cash Wallet

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