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Mswipe, an Indian fintech company that is developing point-of-sale terminals for merchants, has secured new funding of $ 30 million as it hopes to triple its reach and reach 1.5 million merchants over the next year.
The company's previous financing as Series D in 2017 was just over $ 40 million, thanks to a $ 10 million extension of B Capital – the investment company created by Facebook's co-founder Eduardo Saverin – seconded by BCG. This time, B Capital provided financing alongside other well-known investors such as Falcon Edge, Epiq Capital and DSG Growth Partners. The deal brings the startup to $ 95 million raised to date.
We had written extensively about the company's strategy at the time of the 2017 negotiations, and our thesis was essentially that point-of-sale devices remain essential despite the proliferation of new fintech mobile portfolios. In this spirit, Mswipe makes its terminals less expensive than the competition, but can also use more limited Internet connections, even 2G, to help merchants and retailers located in more isolated areas or with a modest budget.
Even more critical, Manish Patel, CEO and founder of Mswipe believes that the country is "ripe for disruption" because it has so few terminals. With less than three million terminals in use In all of India, even Turkey, which has 80 million inhabitants with much less population, has more.
At present, Mswipe claims to have reached more than 400,000 merchants (compared to 290,000 at the end of 2017). Patel said today that the goal was to raise this figure to 1.5 million next year.
To achieve this ambitious goal, Mswipe is once again trying to introduce more than one terminal in a terminal.
In addition to offering equipment that simply works and is related to new types of payment, Mswipe has a vision of additional services for merchants. It develops a new "smart" point of sale – Wise POS Plus – developed on Android It also allows you to apply applications such as billing, inventory management and logistics. Indeed, the second element is its own dedicated application store – MoneyStore – which is under development and aims to host a suite of productivity applications and related services for smaller retailers.
Mswipe is betting on a new Android-based smart device that will also allow its merchants to access management and productivity applications.
"WisePOS Plus … optimized by a suite of productivity applications, can enable a merchant to save thousands of rupees and hundreds of hours spent on running billing and billing solutions. computerized stock management with integrated payments. At the same time, we are also creating a huge opportunity for application developers with MoneyStore, "said Patel in a statement prepared in advance.
The adoption of UPI, the real-time payment system in India supported by the government, is in its opinion the second major axis likely to generate this growth. Ms. Mswipe said that she "is ready to activate" the system that will allow QR payments to terminals. Mswipe is also collaborating with the Cashe loan startup on a co-branded card for consumers following an agreement announced in December.
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