Mumbai-based independent POS (point of sale) merchant acquirer and network provider, Mswipe Technologies has raised $31 million in Series D funding.
UC-RNT fund, a joint venture between Ratan Tata's RNT Associates and University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the round, the company said.
Mswipe will use the funds to develop the largest network of merchants accepting digital payments in the country.
The company currently has a payment network of 2.46 lakh terminals spread across over 550 cities. The annualised value of total transactions enabled by Mswipe stands at Rs 9560 crore.
As much as 80 per cent of Mswipe's customer base comprises SME merchants, typically supported by 1-30 employees.
Manish Patel, Founder and CEO, Mswipe, said, "With merchants of all sizes actively looking to enable digital payment acceptance at their establishments, we expect to grow exponentially going ahead, create card and electronic payment acceptance infrastructure across cities and widen our user base."