India-based mobile payments processing service Mswipe Technologies has secured $25m in series C funding from investors including ride sharing app provider Ola, the Times of India reported today.
Financial services provider Axis Bank, hedge fund Meru Capital and venture capital fund Matrix Partners India also participated in the round, which was led by another hedge fund, Falcon Edge Capital.
Founded in 2011, Mswipe has created a card reader that connects to a smartphone’s headphone jack in order to facilitate card payments. The card reader is currently used by some 30,000 businesses across India.
Mswipe recently also piloted an online marketplace for loans of up to $4,000. The company will use the series C capital to increase its sales team, and scale its operations and technology infrastructure.
Axis Bank and Matrix provided an undisclosed amount in series B funding for Mswipe in January 2014. Mswipe raised an undisclosed sum in a Matrix-led series A round in 2013, the year after a selection of angel investors supplied it with an undisclosed amount for its seed round.