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Mswipe Technologies Raises $20M to Innovate Digital Payments

Updated: Mar 4

Mswipe Technologies, a Mumbai-based digital payments startup, recently concluded a $20 million growth equity round led by Alpha Wave Global, alongside participation from existing investors, pushing their total funding beyond $125 million. This infusion of capital is earmarked for expanding their merchant payment network and fortifying product development initiatives.

Financially, Mswipe has exhibited notable growth and resilience. In the fiscal year ending March 31, 2023 (FY23), the company recorded a commendable 14% year-on-year increase in revenue from operations, totaling Rs 274 crore. Concurrently, it successfully trimmed its losses by 46% to Rs 49 crore. Notably, Mswipe has maintained profitability at an EBITDA level for the past five consecutive quarters, underscoring its financial strength and stability.

The recent acquisition of a payment aggregator (PA) license from the Reserve Bank of India (RBI) marks a significant milestone for Mswipe. This license empowers the company to provide comprehensive payment technology solutions across various channels, amplifying its merchant network, which currently boasts over 6 lakh members.


With the PA license in hand, Mswipe intends to introduce innovative solutions such as sound boxes and loan collection services, enriching its suite of offerings and enhancing value proposition for merchants. Additionally, the company is charting a strategic expansion into payment gateway (PG) solutions, with a particular focus on catering to the mid-tier segment and micro, small, and medium enterprises (MSMEs).

This robust financial performance, coupled with the recent fundraising success and strategic initiatives, positions Mswipe as a formidable player in the fiercely competitive digital payments landscape.


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