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After Securing PA License, Mswipe Raises $20 Mn Led by Alpha Wave

Mswipe Technologies, a Mumbai-based digital payments company, has successfully concluded a $20 million growth equity round, with Alpha Wave Global leading the investment. This funding round also saw participation from existing investors. Notably, Mswipe recently obtained a Payment Aggregator (PA) license from the Reserve Bank of India (RBI).

This round of funding comes after nearly five years for Mswipe, which has previously raised over $125 million from prominent investors such as Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. The fresh capital infusion will be utilized by Mswipe to expand its merchant payment network and bolster product development and technological infrastructure, according to a company press release.


Mswipe offers a range of offline and online payment acceptance solutions, including point-of-sale devices, UPI, QR codes, and payment links, facilitating digital payments for offline merchants. With the recent acquisition of the PA license, Mswipe can now provide comprehensive payment technology solutions across channels.


The PA license signifies Mswipe's commitment to enhancing its suite of offerings and delivering secure payment technology to banking partners, enterprises, and merchants across various sectors.


Mswipe joins the ranks of other companies such as Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open, and Enkash, which have also received approval from the RBI to operate as online payment aggregation platforms.


Mswipe recorded a 13.69% increase in revenue from operations, reaching Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Additionally, the company reported a 45.36% reduction in losses, decreasing to Rs 49 crore in FY23 from Rs 90 crore in FY22. Mswipe claims to have maintained profitability at an EBITDA level for the past five quarters


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