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Fintech strtup Mswipe Technologies receives Payment Aggregator license from RBI
IndianStartupNews
·
1y ago
Medial
Indian payment solutions provider Mswipe Technologies has received a payment aggregator (PA) license from the Reserve Bank of India (RBI), joining a select group including Juspay, Razorpay, and Google. Mswipe aims to enhance its offerings and provide a seamless payment experience through its suite of digital payment solutions. The company plans to diversify its services and expand its merchant network, focusing on mid-tier businesses and micro, small, and medium enterprises (MSMEs). This move is expected to drive innovation and contribute to a more inclusive and empowered payment ecosystem in India.
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Related News
Mswipe Secures RBI Nod For Payment Aggregator Biz
Inc42
·
1y ago
Medial
Fintech company Mswipe Technologies has narrowed its net loss by 45% in the financial year 2022-23, as it received approval for a payment aggregator license from the Reserve Bank of India. With the license, Mswipe will offer payment technology solutions to businesses for accepting payments through multiple channels. The company aims to enhance its suite of offerings and deliver secure and user-friendly payment technology. Mswipe's revenue from operations also increased by 14%. Other fintechs, including PhonePe and Pine Labs, are still awaiting final approval for the payment aggregator license.
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RBI grants payment aggregator licence to Mswipe Technologies
Economic Times
·
1y ago
Medial
Mswipe Technologies has obtained a payment aggregator (PA) license from the Reserve Bank of India (RBI). The company, which provides digital payment solutions to merchants, had received an in-principle approval from the RBI earlier this year. Mswipe aims to diversify and become a full-stack payments player by offering its payment gateway services to mid-tier businesses. The RBI has granted PA licenses to a total of 16 entities, including Juspay, Stripe, Google, Zoho, and Zomato, while others like PhonePe, Pine Labs, and Billdesk are still awaiting final authorization.
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Mswipe’s FY23 loss declines 45% to INR 49 Cr on lower cash burn
Inc42
·
1y ago
Medial
Fintech major Mswipe Technologies recorded a 45% reduction in its net loss for FY23, amounting to INR 49.1 Cr compared to INR 90 Cr in the previous fiscal year. The company's total expenditure decreased by 3% to INR 328.4 Cr, while revenue from operations saw a 14% increase to INR 274.5 Cr. Mswipe provides digital payments solutions to merchants, including POS terminals, QR codes, and audio devices for payment confirmation. Its expenses mainly consisted of IT costs and employee benefits. The company is awaiting final approval from the Reserve Bank of India (RBI) for a payment aggregator license.
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Exclusive: Mswipe To Raise $10 Mn Debt From Alpha Wave Ventures
Inc42
·
1y ago
Medial
Indian fintech startup Mswipe is raising $10 million in debt funding from existing investor Alpha Wave Ventures. The funding comes shortly after Mswipe received a payment aggregator license from the Reserve Bank of India. The company plans to develop an in-house online payment gateway and offer full-stack payment solutions to offline and online merchants. Mswipe, founded in 2011, provides digital payment solutions such as POS terminals, QR codes, and audio devices for payment confirmation. The startup's net loss decreased by 45% in FY23, while revenue from operations rose by 14%. Mswipe competes with PhonePe, Paytm, Ezetap, and Innoviti.
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Mumbai-based Mswipe Technologies raises $20M led by Alpha Wave Global, existing investors
IndianStartupNews
·
1y ago
Medial
Mumbai-based digital payments startup Mswipe Technologies has raised $20 million in a growth equity round led by Alpha Wave Global, with participation from existing investors. With this funding, Mswipe aims to expand its merchant payment network, enhance product development, and strengthen its technological infrastructure. The Reserve Bank of India recently granted Mswipe a payment aggregator license, allowing the company to offer comprehensive payment technology solutions. Mswipe plans to diversify beyond offline merchant acceptance devices and focus on payment gateway offerings for mid-tier businesses and MSMEs. The company reported a 14% YoY increase in revenue and reduced losses by 46% for FY23.
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Mswipe raises $20 million in ongoing funding round led by Alpha Wave
Economic Times
·
1y ago
Medial
Merchant payment provider Mswipe Technologies has raised $20 million in growth equity capital from its existing investors, led by Alpha Wave Global. The funds will be used to expand its merchant payment network and enhance its product and technology infrastructure. Mswipe recently received regulatory approval from the Reserve Bank of India for a payment aggregator license and will now compete with other providers in the online and offline merchant payment space. The company offers various payment solutions including point-of-sale devices, UPI, QR codes, and payment links, as well as loans and inventory management services to offline merchants.
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Ahead of IPO, PayU receives final Payment Aggregator license
Entrackr
·
2m ago
Medial
Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
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RBI Grants Payment Aggregator Licence To Amazon Pay
Inc42
·
1y ago
Medial
Amazon Pay, the fintech arm of e-commerce giant Amazon, has received authorization from the Reserve Bank of India (RBI) to operate as a payments aggregator (PA). This license allows Amazon Pay to strengthen its distribution channels and deliver innovative solutions for merchants and customers. The RBI has granted the PA license to 10 applicants so far in 2024, including JusPay, Stripe, Tata Payments, and Mswipe. This approval comes amid increased scrutiny from the central bank on fintech startups and their compliance with regulations. The digital payments sector in India is expected to reach a market size of $253 billion by 2030.
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Cashfree Gets RBI’s Prepaid Payment Instrument Licence
Inc42
·
9m ago
Medial
Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.
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After securing PA license, Mswipe raises $20 Mn in Alpha Wave-led round
Entrackr
·
1y ago
Medial
Mswipe Technologies has closed a $20 million growth equity round led by Alpha Wave Global along with the participation of existing investors. The digital payments company recently received a payment aggregator (PA) license from the Reserve Bank of India (RBI). It’s worth noting that the funding has come after a gap of almost five years for the Mumbai-based company. To date, the startup has raised over $125 million from several marquee investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Fresh capital will help Mswipe expand its merchant payment network, and further strengthen product development and technological infrastructure, the company said in a press release. Mswipe provides a host of offline and online payment acceptance solutions, including point-of-sale devices, UPI, quick response codes and payment links to help offline merchants receive payments digitally. As mentioned above, Mswipe was recently granted the PA licence, which now enables the firm to provide full-stack payment technology providing omni-channel solutions. The PA license solidifies the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across categories, Mswipe had said in a statement. Mswipe has now joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open and Enkash which recently received a nod from RBI to operate as an online payment aggregation platform. As per startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22. The company claims that it has been profitable at an EBITDA level for the last five quarters.
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