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facebook co-founder’s b capital leads $10m investment in indian payment startup mswipe

facebook co-founder’s b capital leads $10m investment in indian payment startup mswipe News Article With The full text news. The Resource Link is down the post and you can View this News Article in the source page.



facebook co-founder’s b capital leads $10m investment in indian payment startup mswipe

b capital, the investment firm from facebook co-founder eduardo saverin that is backed by bcg, has stepped into india after it backed smart point-of-sale company mswipe in its first deal in the country.the u.s.-asia fund is investing $10 million into mumbai-based mswipe alongside dsg consumer partners in what is an extension to a series d round announced this summer. originally pegged at $31 million, the addition extends the round to more than $40 million.mswipe was founded in 2011 and it has now raised a total of $65 million from investors.the company’s mission is to widen the availability of financial services in india, but rather than going after newer tech like consumer wallets, mswipe has stayed focused on the humble point-of-sale device.the company makes pos devices that are more lightweight and affordable than traditional service providers, while it cuts out middlemen to offer its own customer services to reduce complication and cost. mswipe founder and ceo manish patel told techcrunch that his firm focuses on providing a reliable service that avoids the traditional (and somewhat unreliable) telephony network that others use. it initially targeted under-represented smes and mid-sized retailers but today it also caters to larger customers.“we are so efficient that [our pos] works even on a basic 2g connection,” he explained. “merchants prefer stable to fast, you need reliability.”patel said that mswipe currently has pos devices with over 290,000 merchants...