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Mswipe

“Can an RBI-licensed payment aggregator own the full merchant commerce stack — POS hardware, online gateway, and embedded financial services — across India's 800+ cities?”

Founded2011
HQMumbai, Maharashtra, India
Total raised$117.5M
IndustryFintech / SMB banking
The story

Founded in 2011 as a POS/EDC terminal hardware provider for Indian merchants, Mswipe expanded into omnichannel payments (POS, QR, online gateway) and obtained an RBI Payment Aggregator license. The company launched an NBFC lending arm (MCapital) in 2022 to monetise its merchant network with working-capital loans, but paused own-book lending in early 2023 citing risk management; it now operates as a DSA, passing underwriting to third-party lenders. The core strategic bet remains owning the merchant payment acceptance stack — hardware, gateway, and value-added services — for India's SMB and enterprise segments.

Last 12 months
2024-01
Product timeline
2011
Founded as a card swipe machine (EDC terminal) provider for merchants across India.· payments
2022
Launched MCapital, a fully owned NBFC subsidiary, to provide digital merchant loans; set target of ₹250 crore disbursements in FY23.· lending
2022
Partnered with actyv.ai to offer B2B BNPL and embedded insurance to its merchant community.· lending
2023
Partnered with Worldline India to enable Brand EMI on Worldline Android Smart POS devices.· payments
2023
Launched PayByLink and updated merchant website to enhance digital commerce experience.· payments
2024
Paused own-book merchant lending via MCapital; pivoted to operate as a Digital Service Agent (DSA), passing lending risk to partner banks and NBFCs.· pivot
Regulated entities
Payment Aggregator License
India (RBI)
Mswipe Technologies Private Limited
The stack
Payments / PSP
Mswipe Payment Gateway (self-operated)Mswipe POS/EDC Terminals (self-operated)Mswipe Soundbox / Boombox X1 (self-operated)UPI QR (self-operated)
Lending
MCapital (in-house NBFC, now DSA model)MCapital merchant working capital loansBrand EMI (via Worldline partnership)B2B BNPL (via actyv.ai partnership)
Insurance
actyv.ai
Accounting gap: significant