One MobiKwik Systems, the India-based operator of mobile payment network MobiKwik, has secured “about $50m” in a corporate-backed series C round, the Economic Times reported today.
The round was co-led by GMO Global Payment Fund, the fintech investment unit for Japan-based internet company GMO, and Taiwan-based fabless semiconductor manufacturer MediaTek.
Venture capital firm Sequoia Capital and hedge fund Tree Line Asia were also involved in the round, which closed late last month.
MobiKwik is an online payment platform that serves around 50,000 retailers and 28 million users. Users load money on to MobiKiwk using cash, loyalty points, debit or credit cards, or online banking, and can then use it to make one-tap payments both online and offline.
In addition to its financial backing, GMO is also set to provide assistance to MobiKiwk as it looks to expand in Asia. The firm’s GMO Payment Gateway subsidiary has offices in Singapore, Hong Kong, Taiwan, Malaysia and Thailand, as well as Japan.
The round took MobiKwik’s total funding to about $80m, and follows a $25m series B round in April 2015 featuring Sequoia Capital, Tree Line Asia, payment services firm American Express and Cisco Investments, the corporate venturing arm of networking technology provider Cisco.