Mswipe, the point of sales fintech company in this sea of mobile-only fintechs, has raised a fresh $30 Million round from multiple returning investors. The round was once again led by Facebook co-founder Eduardo Saverin’s B Capital, along with returning investors that include Falcon Edge, Epiq Capital and DSG Growth Partners.
The round comes two years after the company raised a $40 Million Series D in 2017. That round was led by B Capital, which apart form Eduardo Saverin, is also backed by management consulting major BCG. Ratan Tata had also backed the company via UC-RNT Fund, a joint investment vehicle from Tata Sons Chairman Emeritus Ratan Tata and the University of California. Prior to that, the company had raised a $25 Million round in 2015.
Mswipe currently serves clsoe to 400,000 merchants through its smart Point-of-sales machines. While most fintech startups in India — including those in early stage — continue to focus on more app/UPI-based solutions, mswipe is solving a critical business need of most small retailers in the country. India has traditionally been a market dominated by smaller merchants, and mswipe is targeting to cover over 1.5 million of those with this fresh capital burst.
The fintech company has also grown beyond its plain hardware play. While providing ready-to-use PoS terminals continues to form a major chunk of mswipe’s business, the company has also launched a suite of productivity apps. These include Mventory, and all-in-one inventory management platform and mcapital, a financial platform for SMEs to take loans, pay EMIs and do a host of other stuff to grow their business.
Coming up next from the company is a new smart, Android-powered PoS solution. Called ‘Wise POS Plus’, this new hardware solution allows its current applications like billing, inventory management and logistics to be pulled in, too. A more comprehensive solution that the company plans to offer is its own dedicated app store — MoneyStore — which is in development now. The store is aimed at housing a suite of productivity apps and related services for smaller retailers.
“WisePOS Plus… powered by a suite of productivity apps, can enable a merchant to save thousands of rupees and hundreds of hours that go into running computer-based billing and inventory solutions with integrated payments. At the same time, we are also creating a huge opportunity for app developers with MoneyStore,” said Manish Patel — co founder and CEO in a prepared statement.