"We have been actively looking at investment opportunities in leading technology companies in Asia and are excited to partner with Mswipe, an end-to-end payment solution that is made for India".
As a venture capitalist, Facebook co-founder Eduardo Saverin has been investing in other markets across the globe, with a focus on financial technology, healthcare, industrial logistics and consumer technology companies. Saverin will join the company's board and work with its management on expansion. Earlier this year, in June 2017, Mswipe raised $31 Mn as part of its Series D funding round from UC-RNT Fund, Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners.
The company now claims to have a network of 280K terminals spread over 650 cities and towns.
Founded in 2011 by Manish Patel, Mswipe is an mPOS network provider, which allows merchants to undertake plastic card payments through smartphones or ordinary feature phones.
"At Mswipe, we are at the forefront of the payments revolution by powering acceptance infrastructure at the merchants' end, enabling them to accept card and digital payments in a hassle-free manner". According to Mswipe founder and CEO Manish Patel, B Capital's investment is a validation of Mswipe's business. "B Capital's expertise in the sector and its exceptional network in Asiawill be an important ingredient as we shift orbit and execute our next phase of growth". "While the USA has been the traditional anchor for innovative technology, we are seeing disruptive innovation emerging from geographies like India, China, South East Asia and Israel".
Kabir Narang, Partner at B Capital, said, "Our philosophy at B Capital is to back exceptional founders and teams like the one at Mswipe and market leaders where we can leverage our global network to help accelerate their growth". "While markets like the U.S. have traditionally been the anchor for disruptive innovation, increasingly we are seeing transformative business models and solutions emerge from India, China, Israel and Southeast Asia", said Narang.
"On behalf of all the investors, I would like to welcome B Capital to Mswipe and Eduardo Saverin to the board". Existing investor DSG Consumer Partners also participated in this round.