Mswipe - Affordable Point of Sale Systems for Small and Medium Businesses

Sarika Anand Sarika Anand
Sep 2, 2021 9 min read
Mswipe - Affordable Point of Sale Systems for Small and Medium Businesses

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Mswipe.

We can effortlessly handle our daily operations and business activities on the road thanks to smartphones. Whether you sell online, in-store, or offshore, using mobile payments is critical to providing your consumers with a seamless purchasing experience. You can stay connected to your consumers, increase revenue, and safeguard critical payment data using an Android or Apple smartphone, tablet, or wearable device. Accepting digital payments is easy with Mswipe.

Mswipe Technologies is helping many small businesses accept digital payments easily and fast. Mswipe POS machines are affordable and by downloading the Mswipe app, merchants can keep track of the payments received, manage billing, and a lot more effortlessly.  Other than offering these POS solutions, Mswipe has come up with many innovative products that have made doing business simpler for small and medium business owners. Here is more about Mswipe, how the company started and how it is making an impact.

Mswipe - Company Highlights

Startup Name Mswipe Technologies Pvt. Ltd.
Headquarters Mumbai, Maharashtra, India
Industry Financial Services, Payments, FinTech
Founder Manish Patel
Founded Mar 1, 2011
Current CEO Manish Patel
Areas Served India
Website mswipe.com

Mswipe - Latest News
About Mswipe and How it Works?
Mswipe - Name and Logo
Mswipe - Founders and History
Mswipe - Mission and Vision
Mswipe - Business Model
Mswipe - Revenue and Growth
Mswipe - Funding and Investors
Mswipe - Acquisitions
Mswipe - Competitors
Mswipe - Future Plans
Mswipe - FAQs

Mswipe - Latest News

In June 2021, Mswipe introduced 'Mswipe credit score', an industry-first hybrid credit score in cooperation with Equifax. 'Mswipe credit score' takes into consideration data like transaction factors, merchant customer profile, loyalty base, and other payment-related criteria along with the conventional demographic data and credit bureau rating. This score will help banks, financial institutions, and non-bank financing firms (NBFCs) better assess micro, small, and medium enterprises (MSMEs) for lending solutions.

About Mswipe and How it Works?

As per Statista, in the financial year 2021, around 44 billion digital payments were recorded across India. Thus it is evident that many Indians prefer to pay digitally now. As such every business including small businesses and street vendors should be ready to accept payments digitally to grow their business. Mswipe was founded in 2011, to empower small businesses by enabling them to accept digital payments easily and quickly.

Mswipe offers POS (Point Of Sale) System that lets businesses accept all types of digital payments. i.e via cards, wallets, mobile payment apps, bank apps, QR Code scanning, and payment via links.

Mswipe products include a variety of POS terminals that businesses can choose from as per their requirements and budget. By downloading the Mswipe Merchant app, the merchants can check and manage various transaction-related data easily. From receiving transaction alerts to accessing invoices and Statements of Accounts, the Mswipe Merchant app simplifies business for the vendors.

But Mswipe is not just about POS terminals, the company has a lot more to offer, to help small businesses grow. Mswipe's 'Mventry app', helps vendors take care of everything from billing, inventory management, and GST. Mventry also allows one to manage the transactions of multiple outlets from a single device.

Mswipe's app 'Meraonlinestore' is designed to let small businesses create and manage their own online store from the app. One can download the app from Google Play Store, log in using the Mswipe credentials, list the products, share the link of the store with the customers, and start selling online.

Moneyback card by Mswipe lets one make secure payments anytime and anywhere within India, and receive 1% cashback on every transaction. Mswipe also offers an NBFC EMI card, which is a pre-approved credit card, that can be used for purchase from any Mswipe merchant. The credit card bill can be paid in easy installments. Mswipe also provides quick business loans. Businesses can apply for loans from the Mswipe Merchant app itself.  

In November 2020, Mswipe launched Brand EMI. This option lets businesses offer their customers zero interest EMI financing from brands. Availability of financing options leads to an increase in sales.

Other than that, Mswipe has also introduced innovative services like 'Money Store' and 'ATM Express'.

'Money Store' is an app store that includes curated apps related to inventory management, billing, etc that merchants can use to grow their business. Money store is preloaded on Mswipe's smart POS terminals. 'ATM Express' is a service, wherein, the POS terminal, also acts as a mini ATM. Customers can withdraw cash from this POS cum ATM, and the merchant earns up to Rs. 8 per withdrawal.

In August 2020, Mswipe launched yet another revolutionary product BankBox. Merchants usually need to pay rentals for POS and MDR(Merchant Discount Rate) which is a charge that is levied every time payment is accepted through POS. Mswipe's BankBox comes with Zero Rentals and Zero MDR for a lifetime, which is a huge relief for small and medium businesses.

Besides small businesses, many big companies are also using Mswipe's POS solutions for accepting payments. HDFC Life Insurance and Max Bupa, use Mswipe POS for accepting insurance premiums at customer's homes. Other notable clients using Mswipe's services include Jabong, Myntra, Orchid Hotel, Inox, and Satyam Cinemas.

Mswipe - Name and Logo

Though we could not track any story behind the name Mswipe, the name most likely is derived from the act of swiping cards for making digital payments. The company's primary product includes card readers that transform a Mobile phone into a card swiping machine, hence the name Mswipe.

MSwipe' s Company Logo
MSwipe' s Company Logo

Mswipe - Founders and History

Mswipe technologies private limited was founded by Manish Patel in March 2011. Manish received his MBBS from Mumbai's Topiwala National Medical College, but rather than being a doctor, he chose to become an entrepreneur.

Manish Patel - MSwipe's Founder and CEO
Manish Patel - MSwipe's Founder and CEO

Manish started Sante Wines and Beer, an alcohol business in Mumbai. As an entrepreneur, Manish noticed that getting affordable POS solutions was a daunting task for small and medium business owners.

“A small merchant could never get a terminal for himself to accept card payments from a cooperative bank or any smaller bank. The only choice was to succumb to terms imposed by larger banks and deliver what they asked for,” he says.

As an entrepreneur, Manish himself faced issues while finding cost-effective POS solutions. He observed that POS solutions that the major banks were offering were not accessible and affordable for small and medium business owners. Manish realized that expensive technology was the reason behind high priced POS

“I understood that technology was the problem and it was an expensive affair for banks to invest in native terminals. They would only buy terminals from something like a Verifone,” Manish said.

Manish decided to change the situation and started up Mswipe in 2011. He assembled a technical team and built an end-to-end technological stack to develop the required technologies for low-cost and reliable PoS terminals with high battery life and connectivity. Mswipe launched its first product in 2012, which is a card reader that connects to the smartphone with a 3.5mm headphone port. The card reader transforms the mobile phone into a card acceptance device once it is connected. A GPRS mobile connection is the sole need. Besides cards, merchants may also accept payment through UPI, Bharat QR, and BHIM.


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Mswipe - Mission and Vision

Mswipe was established with the vision of allowing even the tiniest store owner to participate in the digital payment industry and benefit from the digital economy.

Mswipe - Business Model

The Mswipe POS terminal offers information on payment-related data, which serves as a secondary source of income for the firm. Mswipe does not sell its products. Rather, the firm charges a one-time cost for its gadget and a monthly fee for its services. It provides three distinct devices and subscriptions over two different monthly plans, according to the company's website.

In 2017, Mswipe acquired payment gateway service provider PayU India. Thus, Payment gateway costs, which used to go to Mswipe's partners, have now become a new source of income. Other sources of income include sign-up fees, transaction processing fees, income from support services, and the sale of products, according to the company's filings.

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Mswipe - Revenue and Growth

Starting as a mobile POS solutions provider, Mswipe today has developed many fintech solutions including credit cards, loans, etc. B Capital, Ratan Tata's UC-RNT, Falcon Edge Capital, Epiq Capital, Matrix Capital Partners, and DSG Partners have all contributed to the company's $80 million in fundraising rounds.

Mswipe's operational revenue increased by 34.6 percent to Rs 348 crore in FY20, up from Rs 258.5 crore in FY19. Unlike sales, losses increased 2.5X in FY20, from Rs 58.1 crore in FY19 to Rs 148.1 crore in FY20. The revenue-to-loss growth gap is wide, and the nine-year-old company must optimize expenses in FY21 to achieve solid unit economics. Although the firm did not seek equity capital in FY20, it looks that it will need to do so to expand further.

On the financial side, Manish claims that the FinTech broke even on a cash basis, something he claims only a handful FinTechs have done. MSwipe claimed in a statement made around March 2020, that it has grown by 50% year over year. Over 5 lakh merchants in India, are using Mswipe devices.

Mswipe - Funding and Investors

Date Round Amount Lead Investors
May 14, 2019 Venture Round - InnoVen Capital
Mar 13, 2019 Series E ₹2.2B B Capital Group
Aug 7, 2018 Venture Round Epiq Capital
Dec 7, 2017 Series D $10M B Capital Group, DSG Consumer Partners
Jun 21, 2017 Series D $31M UC-RNT Fund
Jul 22, 2015 Series C $25M
Feb 3, 2014 Series B Matrix Partners India
Jan 10, 2013 Series A Matrix Partners
Jan 1, 2012 Seed Round

Mswipe - Acquisitions

Acquiree Name About Acquiree Date Amount
Payubiz - Division Payubiz - Division is an online payment solutions company. May 16, 2017 -

Mswipe - Competitors

Ezetap, ePaisa, Mosambee, Square, FTCash, iKaaz, Citrus Pay, Paytm, EIS Group, Wave Money, TransferMate, and AfterPay Touch are the most prominent competitors of Mswipe.

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Mswipe - Future Plans

Mswipe founder Manish Patel claims that MSwipe has a lot of interesting products coming up once the COVID-19 epidemic is contained. Revealing the future plans Manish said, "We will continue to focus on our growth strategy, and will shortly be releasing new products that seek to further enhance our leading position in the SME market."

Mswipe - FAQs

What does Mswipe do?

Mswipe offers affordable POS solutions for small and medium businesses. Besides POS systems, the company also provide other services like easy business loan, credit card, apps and platforms that make managing business easy.

Who founded Mswipe?

Mswipe, a mobile POS solution company founded by Manish Patel in March 2011, primarily targets small and medium businesses (SMEs).

Where is Mswipe headquartered?

Mswipe Technologies is headquartered in Mumbai, India.

How does Mswipe make money?

Mswipe's sources of revenue include sign-up fees, transaction processing fees, support services fees, payment gateway charges, and fees for other value-added services.

Which companies do Mswipe compete with?

Ezetap, ePaisa, Mosambee, Square, FTCash, iKaaz, Citrus Pay, Paytm, EIS Group, Wave Money, TransferMate, and AfterPay Touch are the most prominent competitors of Mswipe.

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